Schedule K-1; Method of Accounting?
Asked by: lpliskin
Can someone please clearly explain (line L) at the bottom? Choices are
Section 704(b) book
Partner A contributed 13,000 cash and a vehicle valued at 2,402.00.
Partner B contributed 3,047.00 cash.
Profits and losses are 50% each.
80.22% partner A
19.78% for partner B
I don’t know which box to check.
Thanks Bobby, however, the instructions do not explain these things.
How others found here:
- 704(b) vs gaap
- what is K1 in accounting
- what is 704 b book basis