![]() A taxpayer's tax basis in a partnership interest (often called the partner's outside basis) represents the partner's cost for tax purposes and is used to measure the taxable gain or loss upon disposition of the partnership interest. See original Article here from Accounting Today>įirst and foremost, a partner must have adequate basis in the partnership in order to consider the deductibility of the partnership loss. ![]() In order to determine deductibility, a partner's basis and at risk limitations need to be evaluated. When an individual receives a Schedule K-1 from a partnership reflecting a loss, there are several things to consider before deciding if the loss can be deducted.
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