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is this done? Will the...
Why would a question be locked/hidden from normal users?Why is this done? Will the qestion be answered?
Submitted: 5 years ago.Category: Tax
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6/1/2012
Tax Professional: Lev, Tax Advisor replied 5 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,692
Experience: Taxes, Immigration, Labor Relations
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LEV :

Hi and welcome to Just Answer!

LEV :

The question may be "locked" per user's request. Otherwise all questions might be available for general public - so please avoid posting personal information.
If you meant any specific question - please post a link here - and I will verify for you.

Customer:

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...

LEV :

Contributions are not reported on form 1065 - that is income tax return - and only income and deductions are reported.

LEV :

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

Customer: So the only place the contributions are listed are on the balance sheet and they would reduce if the partner shows a profit at the end of the year? If the partner takes a guaranteed payment would this then reduce his contribution? Would guaranteed payments reduce the contributions until they are gone then the guaranteed payments would be taxable?
LEV :

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.

LEV :

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.

Customer:
Lev
Lev, Tax Advisor
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Satisfied Customers: 30,692
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