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K-1 loss in 2-member LLC
How should amounts be displayed on K-1s for the following scenario?
2-member LLC, both members actively engaged in the business. Initial filing in 2020.
In 2020 there was not enough income to cover expenses. Member A covered the ($10,000) net expenses out of own pocket. Should the K-1 for Member A list ($10,000) in both Box 1 and Box 14? Is that all?
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‎July 9, 2021
7:13 AM