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Negative LLC ending capital account
Hello,
I am currently working on the 2024 tax report for LLC. I noticed that one of the partnership's basis statements shows a negative amount after deducting the current year's net loss, as reflected in Schedule K-1. Is this normal, or do I need to make adjustments elsewhere to ensure the ending capital account does not fall below zero? Thank you.
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‎February 21, 2025
10:47 PM