Complete each section as instructed below. Be sure to include the personal and business assets and liabilities of both spouses. IA 6251B should be completed by those eliminating the distressed sale transaction from net income and those limiting their tax liability to their net worth.
Note: The balance sheet should be completed on the basis of the accounting method (cash or accrual) used by the taxpayer
https://tax.iowa.gov/sites/default/files/2019-12/IA6251B(41135).pdf