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Why doesn't Schedule M-2 line 1 (beginning partner capital) match what I entered on the balance sheet?
When I print out my return for review, my schedule M-2 "Analysis of Partner's Capital Accounts" shows a beginning balance that is about 10% higher than the number that I entered in the "Liabilities and Partner Capital" section of the balance sheet.
How is this being calculated?
I'm pretty sure I need the beginning balance to match what I used for the ending balance on my previous tax return.
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‎February 4, 2024
11:05 AM