mhlester
Level 3
10-19-2022
07:44 PM
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Thank you.
Using a simpler set of facts,
Partner A contributes $50,000 at inception
In year 1, Partner's A's share of QNR debt is $100,000 and his share of the loss is $60,000, leaving him with a negative capital account of $10,000 at the end of year 1.
Is his tax basis $90,000 or $100,000?