Response to your follow-up questions:
- The "asset" is the increase in cash that you received.
- Just call the liability "unearned call premium"
- As far as the other questions, I am going to recommend that you find a tax professional that understands the trading area and you can have a one on one discussion. Since you have set up an entity, and are filing a form 1065, it sounds as if you are attempting to be a trader. As a result, there are many additional questions that come to mind; do you qualify for trader tax status (TTS), are you accrual method of accounting, have you made a mark-to-market (MTM) election, etc. Just too many questions and unknowns to be able to go much further in-depth.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
