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How do I record the conversion of a loan to LLC equity in the 1065 forms?
I have a 2 member LLC (50/50) that I made 2 loans to (with interest) - one in 2014 and another in 2015. I converted both loans to member equity in 2015 when the other member added an amount of owner's equity to equal the principle and interest. How do I record the conversion in the 1065 forms? Thanks!
Tim
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May 31, 2019
5:29 PM