I would
recommend that you file an amended 1065, with the revised Schedule K-1
information, and going forward you should definitely always complete the
partner capital account balance.
Although, it
is unlikely that you will incur a penalty if you do not amend the return.
Certain partnerships
that do not meet specific gross income or gross asset thresholds are allowed to
omit certain information on their partnership return, however in some cases this
information can be very helpful in preparing future returns.
Partner's have
both inside and outside basis, and in many cases they can be the same. The capital
account balance on the partnership books is the inside basis. The outside basis
is the partner's investment in the partnership, and is used to measure such things as gain on the disposition
of partnership interest.
Click here for IRS publication 541
Partnerships.
