LLC debt cancellation

[sgrande]

My LLC had a debt to another party which was cancelled.  How do I reflect this in Turbo Tax?

[Anonymous_]

Just so it is clear: Did your LLC owe a debt that was cancelled? 

If so, you can enter the figure in Forms Mode. Open Form 1065 p4-5, scroll down to Schedule K and enter the figure on Line 11(G). Ensure that you select E - Cancellation of debt from the dropdown list.

[sgrande]

Yes. that is correct.  The LLC owed a debt that was canceled.

Thank you.

[Critter]

Was this an unincorporated single member LLC ?