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meyercpa
Level 1
February 21, 2021

Unrealized Gains on Market Investments on the Balance sheet of Partnership

  • February 21, 2021
  • 1 reply
  • 8 views

Hello, 

I have a Limited Partnership client that owns approx $280k in stocks and futures. The value at the end of the year includes $18k in unrealized gains. When completing the tax return do I lower the carrying value on the Balance Sheet or report the unrealized gains on an M-1 adjustment? Thank you for any guidance on this!

 

 

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    1 reply

    sjrcpa
    sjrcpa
    Level 15
    February 21, 2021

    Depends on your accounting method. Be consistent from year to year.

    The more I know the more I don’t know.
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