smalcove
New Member

K-1 received from a lower tier LLC appropriately reports partner's share of qualified nonrecourse financing liabilities. TTax throws error when added to smart liab wksht.

Partners' smart liabilities worksheet wants liabilities to equal upper tier LLC's balance sheet liabilities, but lower tier liabilities need to pass through upper tier LLC to individual LLC members for basis purposes. How do I get around this unnecessary requirement to match upper tier balance sheet?