Ask Experts Questions for FREE Help !
Ask
    Loscille's Avatar
    Loscille Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 7, 2007, 10:19 PM
    Corporate Partnership Accounting Entries
    I have been doing accounting for 25 years, and have just encountered an entry I've never made before. I need to record a loss from a K-1 Form in corporate financial statements, and on tax returns. Help!
    delite's Avatar
    delite Posts: 202, Reputation: 3
    Full Member
    		  
    #2

    Apr 8, 2007, 08:03 AM
    Quote Originally Posted by Loscille
    I have been doing accounting for 25 years, and have just encountered an entry I've never made before. I need to record a loss from a K-1 Form in corporate financial statements, and on tax returns. Help!
    For financial reduce equity in entity by loss. For tax record as an ordianry loss.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Apr 17, 2007, 10:52 AM
    Sounds right to me.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Accounting - Correcting and Reversing Entries [ 1 Answers ]

Funds were entered into the wrong revenue account how do I correct this. The funds were receipted into a foreign revenue account and should have been received into a USD revenue account. How do I reverse and correct this? LiLi

Accounting Adjusting entries [ 3 Answers ]

Hasterson has a five-day work week and pays salaries of $70,000 each Friday 1 Make the adjusting entry required on July 31, assuming that August 1 falls on a Wednesday. 2 Make the entry to pay the salaries on August 3. Thanks!!

Partnership problems [ 1 Answers ]

I Am A 30% Owner In A Small Company . It All Seemed Like The Company Was Doing Well,but Now I Find Out That The President And Treasurer Have Not Paid Out Payroll Taxes This Year And The Company Owes This Money ,what Is At Stake For Me And What Should I Do.. Should I Take Legal Action Againgst Them...

Partnership went bad [ 5 Answers ]

Hi, I lives with my boyfriend about 10 years now. We are not married, but we live like a marriage couple. I pay all household expense half. The only thing I did not pay is the down payment for the house which he brought it 10 years ago when we met. The relationship has gone bad. He has...

View more questions Search