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Business & farm
Thank you. Not sure I understand this part. "However, you need to determine where the distributions ended up on your prior year balance sheet as listed on schedule L and offset the adjustment to retained earnings with a change to that account. In other words, do you have a liability or equity account on your prior year balance sheet where the distributions were entered?"
The distributions are in "Shareholder Withdrawals" and Contributions in "Shareholder Contributions."
March 8, 2024
7:47 AM