Basis of the land to the Partnership 20000 Bobs basis carries over to the

Basis of the land to the partnership 20000 bobs basis

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Basis of the land to the Partnership : $20,000 (Bob’s basis carries over to the partnership) 11,000 12,000 0 (since Sec. 721 nonrecog. applies.) (1,000) (10,000 - 11,000) Cal (Equip.) 20,000 16,000 0 (since no XS debt relief) 50,000 (70,000 - 20,000) Bob (Land) Chapter 16, Exhibit 14c
What Is a Partner’s Holding Period (HP) in theOutside Basis? Chapter 16, Exhibit 20
square6 IRC 465 - At Risk Rules : Losses may not reduce basis below zero. Instead, they remain suspended under the at-risk rules until sufficient basis arises to pass the at- risk hurdle. square6 IRC 469 – PAL : As with the at-risk rules, the passive activity loss (PAL) rules are applied on a partner-by- Special Basis Rules partner basis, not at the partnership level. Chapter 16, Exhibit 22c

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