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LFCochrane
Level 2
March 5, 2020

Shutting down a partnership in PTO

  • March 5, 2020
  • 1 reply
  • 9 views

I have a partnership that is winding down.  One partner left, the other set up a S Corp and is continuing operations.

 

I am having issues closing out the balance sheet and partnership allocations.

 

    This topic has been closed for replies.

    1 reply

    IntuitJim
    IntuitJim
    Level 5
    March 5, 2020

    Troubleshooting suggestions:

    1. Zero out the equity in M-2 Capital Accounts by distributing remaining assets (or increasing / decreasing other amounts), which drives the Partner Capital ending balance. 

    2. Look for health insurance premiums or non-deductible amounts adjusting M-2 capital. 

    3. Check the special allocations tab on the top menu, scroll thru each capital item looking for amounts that might create an out of balance. 

    Hope that clears it up. 

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