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Business & farm
This is because in general, the liability allocation follows the P&L allocation.
If you are making special allocations, hopefully you have a good understanding of the substantial economic effect regulations under Section 704. These are very complex and the default partner allocations are typically based on the partner's interest in the partnership. Anything outside of this I would recommend you be prepared to support your allocations if audited.
Depending on which of the liability type you believe you need to change, that is most likely done in the partner information section. I am not in a windows environment so I cannot provide specific direction on where that is changed if possible.
*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.
Also keep in mind the date of replies, as tax law changes.
‎June 3, 2019
11:01 AM