cdmalkemus[at]charter.net (Cher) writes:

- quote -

You'll find MUCH, clearly defined, at:

http://www.1065accountant.com/basis.htm

"Jack" - John H. Fisher - TaxService[at]aol.com
Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ
My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html

Where Ignorance is bliss, 'tis folly to be wise!=

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"Cher" <cdmalkemus[at]charter.net> wrote:

- quote -

Basis is original investment plus profits minus losses and
minus withdrawals. Basis cannot be reduced below zero and
withdrawals in excess of basis do not reduce basis and are
taxable.

At risk amounts are the total of basis plus certain
liabilities for which the partner is personally liable.

But check the laws as to exactly what liabilities qualify.

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Can you give me a basic idea of what is p'ship basis and
what is at risk basis?

Thanks.

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