Ostroff, Fair and Company
*Ostroff, Fair and Company>>>Other Taxes

Does anyone have a good reference for calculating basis in a partnership?


I know the basics, but I'm looking for more particular items.
For example, do guaranteed payments, deductions related to portfolio income, other deductions, foreign taxes, or other credits affect basis?

I was thinking that the portfolio and other deductions do, but I'm unsure about the rest and am having a hard time finding a good reference material. Thanks much!!

The AICPA Tax Section publishes a CD-ROM called 'Tax Practice Guides and Checklists'. If you're a CPA and in the Tax Section, they send it to you for free every year. The guide has an S corp basis schedule and the rules are very similar.

Generally, any item on the K-1 that results in a decrease in the partnership's net assets will result in a decrease in your basis. Portfolio deductions, other deductions, foreign taxes, and credits all reduce basis, as do nondeductible expenses (like the other 50% of meals and entertainment). Guaranteed payments do not increase basis - although the partner recognized income, they also received a corresponding amount of cash that does not get separately reported as a distribution.
Tags
Other - Business & Finance Other Taxes United States Taxes United Kingdom Taxes Spain Taxes Singapore Taxes Mexico Taxes
Related information
  • Chinese govt plans export tax rebate slash?
  • In which country tax is not there?
  • How do i fill out indiana withholding tax forms?
  • Is anyone familiar with section 165(c)(2) of the IRS tax code that deals with theft loss?
  • Laws regarding Calif social security medicare and SDI/SUI?
  • What is the corporate tax rate in Serbia?
  • Why do you suppose republican administrations always incur debts and deficits (two Bush's and Reagan)??
  • How do I get a Tax Identification Number (TIN) in the Philippines?
    • 　

    Finance Categories--Copyright/IP Policy--Contact Webmaster