If I net everything through one owner ledger, can that make Form 5472 'substantially incomplete' even when the total balance is right?
My books currently collapse contributions, reimbursements, direct owner-paid bills, and later withdrawals into one running owner balance. The ending number is probably correct economically, but the path to get there is no longer very visible. That makes me worry that the filed form could look complete while still hiding too much of the related-party activity underneath.
I want to know whether that type of over-netting is the kind of thing that pushes a form toward being 'substantially incomplete.' If so, I would rather rebuild the transaction story now instead of filing a neat-looking summary that the IRS would treat as functionally defective.
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