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How to calculate partnership basis from k-1 Form: What You Should Know
Use Schedule K-1 (Form 1065) — Figuring Adjusted Basis — Tax Act You can figure the adjusted basis of your partnership interest in adding items that increase your basis and then subtracting items that increase your basis. Use Tax Basis Assets Accounting and Reporting — Gentry Marcus The partner uses his end-of-year basis to make this calculation [Treas. Capital accounts are reported on Item L of Schedule K-1 (Form 1065) and Item F of Form 1065 (Form 1065)] The partnership must calculate the partner's basis (the percentage or amount of property contributed to the partnership minus any associated 2021 Partner's Instructions for Schedule K-1 (Form 1065) — IRS or asset interest). Example: Partner A's end-of-year equity contribution is 5,000; the partnership's end-year asset contribution is 5,000. Partner A's end-of-year basis for partnership property is equal to his equity contribution multiplied by the amount of his partnership contribution. The partner's adjusted basis of partnership property is 3,000. The 2021 Partner's Instructions for Schedule K-1 (Form 1065) — IRS The partnership must calculate (or find) the value of the partner's equity contribution (if any) and subtract the partnership's end-of-year asset contribution from Partners' 2021 Partner's Instructions for Schedule K-1 (Form 1065) — IRS Income and Depreciation/Amortization — IRS The partnership must calculate the partnership's adjusted basis (defined in paragraph (d)). Example: Partner's 2021 Partner's Instructions for Schedule K-1 (Form 1065) — IRS If the partnership used the tax calculation described in Equity Contributions — IRS Equity Contributions — IRS To determine the adjusted basis of partnership property, use the partnership's 2021 Partnership's Instructions for Schedule K-1 (Form 1065) — IRS equity contribution with the property (and the adjusted basis of partnership property or the adjusted 2021 Partner's Instructions for Schedule K-1 (Form 1065) — IRS interest) multiplied by the amount of the partnership contribution.
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