I have been doing taxes for 4 yrs now, doing mostly 1040 returns. Last year the gentlemen that mentored me retired, but was able to answer questions when they arose. However, now he has passed away. I only do 2 1065 forms each year, but now I have run into what is probably a very simple question. The annual report from the manager states that a they transferred income to a money market account, and shows the transfer as a asset purchased from income. How do I show this transfer, or do I? My balance at the end of the year does not match their balance. I am figuring that I need to show the cash transferred to the asset, but just can't figure out how.
