LLC return

Forum|Forum|6 years ago
June 14, 2020
3 replies
36 views

If there were partner distributions for an LLC for disposal of a home, and this is the final return,

where do I record the distribution? My balance sheet is out of balance.

Best answer by Anonymous_

You would enter the distribution to each member (partner) of the LLC in the Partner/Member Information section of the program (located under the Business Info tab).

Anonymous_Answer

Level 15

You would enter the distribution to each member (partner) of the LLC in the Partner/Member Information section of the program (located under the Business Info tab).

mmoran60Author

Level 2

Thank you very much, it worked.

Critter

Level 15

Are you completing the Partnership return form 1065?

Please use the following link to contact Customer Support for further assistance.

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

Anonymous

as a practical matter, on a final return, there are no assets, liabilities, or even equity. ie the balance sheet is all 0's - all assets have been sold, consumed, or distributed (including cash). all its liabilities were paid off or discharged resulting in income. The final distribution of cash would eliminate any remaining members capital.

in the real world, the books are sometimes held open past year-end so any bills coming in late can be paid off and recorded on the final return. but in the end, the balance sheet is still all 0's. while the capital a/c in total is all zero's. the individual Members a/c's might not be 0 for each. this can occur for many reasons. then IRC 704(b) may come into play.