Thanks for your feedback, however I am a little confused, how do I allocate 100% to me? On the 1065 Schedule L, Partner's Liabilities Smart Worksheet, I have the $3000 in line D "Recourse". However on the Schedule K Reconciliation form, how should I enter the values in the K-1 K(3) Liab column? Do I enter $3000 under my name or $1500 for each of the other partners? Please answer as if you are talking to a newbee, as that is what I am. 🙂
Thanks
