I have an llc partnership where we sold off some assets of our company however we cannot split the money we received 50/50. We sold these assets for for $32,500. Out of that amount I received $7500 and my partner received $25,000.
I'm at a loss as to how I can record this in TT Business. I was going to put it under "Cash Distributions Member Received From LLC" but on the K1 it shows up as a Distribution (19a) and I'm not sure if that is correct or not. All in all we have a 50/50 partnership however these assets sold get a different % split because they brought these assets on while merging so I'm not sure how to report it.
Any help would be great!
