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Business & farm
I'd say you need a tax pro for this whole thing. Beginning capital account number would be the value each one of the 7 contributed to the llc or 1/7 the value of the farm. Then each year the accounts are adjusted for income, loss, distributions, withdrawals, etc. It's a lot of work and you need to know what you're doing. Use a tax pro.
‎January 20, 2021
12:04 PM
12,618 Views