Opening balance sheet of the liquidation partnership
February 26, 2020 | 25,00 EUR | answered by RAin/StBin Henriette Regulla-Schiessl
I have to prepare a liquidation opening balance sheet for a limited partnership as of January 1, 2020. The closing balance sheet as of December 31, 2019 is ready.
Do I have to take over the remaining fixed assets with the tax value as of December 31, 2019 or with the expected selling price?
Do I take over the capital accounts of the partners (how?) or do I distribute the balance of assets and liabilities as of January 1, 2020 among separate capital accounts for each partner or on a single capital account?
Dear inquirer,
Thank you for your inquiry, which I am happy to answer as part of an initial consultation, taking into account your effort and the rules of this platform. The response will be based on the information provided by you. Adding, omitting, or changing information, ambiguities, or inaccuracies in the information provided can alter the tax result.
In the opening balance sheet for liquidation, you should list the fixed assets with their anticipated selling prices.
The capital accounts should be divided into fixed and variable capital for each shareholder (since you did not mention limited partners, I assume you are not referring to them).
I hope these statements have been helpful to you.
Best regards,
Henriette Regulla-Schießl
Lawyer
Tax Consultant
Tax Advisor
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