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This was my question:
On a llc partnership, One partner contributed cash $87.600 (funding partner) the other partner contributes labor (working partner). On 1065 is any of this entered? Also would I make an entry in Quick Books, the first year business was a loss so I'm think...
Contributions are not reported on form 1065 - that is income tax return - and only income and deductions are reported.
Balance is reported on schedule L - but that is only for large partnerships. Most likely - you do not need to use this form - http://www.irs.gov/pub/irs-pdf/f1065.pdf
When the partnership has an income - it is calculated to the tax return - form 1065.
All business income and expenses are reported on the partnership tax return form 1065 - http://www.irs.gov/pub/irs-pdf/f1065.pdf
Partnership should issue schedules K-1 to each partner reporting pro-rata share of net taxable income - http://www.irs.gov/pub/irs-pdf/f1065sk1.pdf
That income is taxable for each partner regardless if it is distributed or not.
Guaranteed payments are those made by a partnership to a partner that are determined without regard to the partnership's income. A guaranteed payment is treated differently - it is deducted in the computation of partnership income. The partnership generally deducts guaranteed payments on line 10 of Form 1065 as a business expense.They are also listed on Schedules K and K-1 of the partnership return. The individual partner reports guaranteed payments on Schedule E (Form 1040) as ordinary income, along with his or her distributive share of the partnership's other ordinary income.