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When filing a final partnership tax return does it matter if…

When filing a final partnership...
When filing a final partnership tax return does it matter if the ending equity balance of each individual partner is not zero? Basically they total 0 when combined but some partners are positive and other others are negative.Example
Partner 1-100
Partner 2 50
Partner 3 -75
Partner 4 -75
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Answered in 50 minutes by:
3/14/2018
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
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Experience: 35 years tax experience, including four years at a Big 4 firm.
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This is how it often is. Some partners take draws, others add capital, there can be many reasons.

I like to present final 1065 returns that way. It gives IRS and your partners a base to determine gain or loss on liquidation.

Thanks for asking at Just Answer. Positive feedback is appreciated. Five stars is best. I'm PDtax.

PDtax
PDtax, Certified Public Accountant (CPA)
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