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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2608
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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I have competed the final return to the best of my

Customer Question

I have competed the final return to the best of my I am stuck on the capital accounts...which is causing my balance sheet to be off. I have attached the return. I also need assistance on the form 8594 for buyer and seller. Breakdown of the sale....the seller received $135,918.39 (half of the checking account), $405,696.10 (half of the accounts receivable), $582,980.47 (for his half of the assets), good will of 153328.29, and buyer paid for a shop valued at $82,200 and gave it to seller for part of the sale, he also paid $54,000 for a pickup and gave it to the seller for the part of the sale. The Seller's name is ***** ***** the Buyers Name is Neil.
Submitted: 1 year ago.
Category: Finance
Customer: replied 1 year ago.
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Expert:  Stephen G. replied 1 year ago.

I don't know what you want done with this information?

Reviewing and analyzing your partnership return is beyond the scope of this Question/Answer format.

The time required for something like that would put us into a Premium Service, which I don't think should be necessary given your background.

Taking a quick look at the file you made available, it appears that you haven't reflected the distributions to the partners to close out the partnership, but you have removed the assets.

How are you maintaining the books for the S-Corp?

Have you made Journal Entries to record the transaction of distributing the assets to the partners. It looks like you may have only dealt with one side of the transaction.

I wouldn't be able to do much with just a copy of the tax return; what about a trial balance as of the close of operations before the liquidation. Do you have that or something comparable?