08-17-202005:45 PM Let me be more clear; Why is book income flowing through to Schedule L on the K1 when it should be taxable income? Please note that tax basis capital account accounting method is checked on the information worksheet. Thank you...
In addition, to form 1065, each member or partner of the entity must complete their ownschedule K-1file along with the personal tax returns. The partners are also liable to pay the income tax on their earnings regardless of whether the earnings were distributed or not. Overall, form 1065 g...