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Business & farm
You should not have any adjustments running through that account.
Distributions should always be reflected as actual.
To zero it out, you should run the adjustment through the partner's capital; Schedule K-1 box L other increase / decrease.
*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.
March 11, 2021
4:38 PM