Is the Capital account on the K1 the same as the Due From under Statement 2 Form 1065 Schedule L line 6 Other current assets?
I was the 49% owner in a LLC, the 51% owner had a starting Capital account of 17K, ending Capital account was 26K for him, his income was 15K, distributions 6K. Under Statement 2 it says Due From Him Beginning was 18K Ending 34K. He paid himself 22k that year!
I am having a hard time understanding how these numbers add up? Can someone explain if this is correct or is there something funny about this. BTW this 51% owner paid off a 20K Amer Exp card for another company with our funds and classified it as office supplies and the CPA knows it is not related to our LLC. Thanks
I was the 49% owner in a LLC, the 51% owner had a starting Capital account of 17K, ending Capital account was 26K for him, his income was 15K, distributions 6K. Under Statement 2 it says Due From Him Beginning was 18K Ending 34K. He paid himself 22k that year!
I am having a hard time understanding how these numbers add up? Can someone explain if this is correct or is there something funny about this. BTW this 51% owner paid off a 20K Amer Exp card for another company with our funds and classified it as office supplies and the CPA knows it is not related to our LLC. Thanks