Excess deductions/losses from prior years _________ Net _________
Plus--Increases:
Basis from acquisition of interest during year _________
Increase in partner's share of liabilities _________ Money contributed _________ Basis of property contributed _________ Partner's gain under Sec. 721(b) _________
Ordinary business income _________
Net income from rental activities _________ Interest income _________ Dividend income _________ Royalty income _________ Net short-term capital gain _________ Net long-term capital gain _________ Net gain under Section 1231 _________ Tax-exempt interest income _________ Other income _________ Section 179 recapture on disposition of assets _________ Depletion (but not oil and gas) in excess of basis _________ Life insurance proceeds _________ Other increases _________
Less--Decreases:
Portion of basis sold or transferred _________
Decrease in share of liabilities _________ Money distributed _________ Property distributed (basis to partner) _________
Ordinary loss _________
50% of meals and entertainment (1) _________ Section 179 expense deduction _________ Charitable contributions _________ Deductions related to interest, dividends, etc. _________ Interest expense on investment debt _________ Other nondeductible expenses (2) _________ Net loss from rental activities _________ Net short-term capital loss _________ Net long-term capital loss _________ Net loss under Section 1231 _________ Foreign taxes _________ Oil and gas depletion _________ Other decreases _________ Basis _________
Notes:
Basis is computed separately for each partner.
(1) The 50% of meals and entertainment expenses that are not deductible still reduce your basis. (2) Other nondeductible expenses can include fines and penalties. (3) Distributions can include actual cash or property payments to partners or the payment of a partner's personal expenses.
Copyright 1999 by A/N Group, Inc. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is distributed with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought. The information is not necessarily a complete summary of all materials on the subject.--ISSN 1089-1536
