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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
Experience:  10 years experience
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An LLC doing taxes as a three way partnership has errors in

Customer Question

An LLC doing taxes as a three way partnership has errors in their books. If one of the partners invested 25,000 and the other two invested no capital but they own 33% 33% and 34% how should that have been entered? Also, the investor of actual capital gave a loan of 75,000 how should that have been coded?
Submitted: 2 years ago.
Category: Tax
Customer: replied 2 years ago.
I am asking because I am trying to instruct the bookkeeper on the adjustments needed so that I can prepare the K-1's for 2014 taxes. Currently she entered the original 25,000 into an opening balance equity and all three members capital accounts show as zero. Then the 75,000 loan was entered into Capital Loan account. I need to know what adjustments need to be made so I can complete.
Customer: replied 2 years ago.
Also does it matter right now... they have an overall loss so can I complete the K-1's without the adjustments
Customer: replied 2 years ago.
Here is the trial balance
Customer: replied 2 years ago.
Balance sheet
Customer: replied 2 years ago.
Expert:  PDtax replied 2 years ago.
Hi from Just Answer. I'm PDtax, and can assist.
Customer: replied 2 years ago.
I have never used this service before I am a little confused. Are you able to answer my question?
Customer: replied 2 years ago.
Do you need any additional information from me?