Hello,
I have two questions. There are three partners in a U.S. tax partnership. The business deal that the partners agreed to at the beginning of the partnership is to split ownership, profits and losses equally (1/3 each).
1) In Year 1, the cash contributions of each partner did not match the ownership percentages. One partner had contributed more in cash than the others in Year 1, but we intend that everyone will be "caught up" to reach a 1/3 split by the end of Year 2. For Year 1, can we still report that ownership is equal (1/3 each) because the partners agreed to this ownership split? Also can capital accounts similarly be split 1/3 each?
2) Also, if this is true, how do you report 1/3 ownership and profit/loss split on Turbo Tax Business? I tried putting in 33.33333 but that doesn't add up to 100% technically, and the software says I need to get it to add up to 100%, so not sure how to get the interests to add up in the "Member Summary" screen in Turbo Tax Business.
