sumluck
Level 2
03-10-2025
01:37 PM
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Thank you for your reply. I am trying to think through this for the past couple of days, and I am still not quite sure I understand all the impacts. 1) The partnership is pretty simple that there's no debt basis. So isn't the tax basis the same as capital on K-1 Item L? 2) If we reduce the existing partner's capital as Other decrease, doesn't that reduce the existing partner's tax-method capital/basis?