Our company formed in April of 2015 so there is no amount on either parnter’s 2015 K-1 Part II, Section L. How do we figure last year’s ending capital balance?

bknjackson · ‎June 3, 2019

KristinaK · ‎June 3, 2019

Since the partnership was organized in 2015, the beginning balance for 2015 is zero. To arrive to ending balance for each partner for 2015: add to zero any cash/property contributions by each partner. Subtract distributions (if any). Add/subtract and income/losses applicable for that year attributed to each partner. And this will give you 2015 ending capital balance.

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StephanieB · ‎June 3, 2019

@bknjackson

bknjackson · ‎June 3, 2019

I'm not able to see your comment @StephanieB

StephanieB · ‎June 3, 2019

I apologize, @bknjackson your comment accidentally got in the spam filter and unfollowed you so I tagged you back in it. I'm not a Tax Pro so I don't know the answer to your question but all bring your question to their attention.

KristinaK · ‎June 3, 2019

Since the partnership was organized in 2015, the beginning balance for 2015 is zero. To arrive to ending balance for each partner for 2015: add to zero any cash/property contributions by each partner. Subtract distributions (if any). Add/subtract and income/losses applicable for that year attributed to each partner. And this will give you 2015 ending capital balance.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Our company formed in April of 2015 so there is no amount on either parnter’s 2015 K-1 Part II, Section L. How do we figure last year’s ending capital balance?