Partnership Taxation: Basis - Lesson 3: In this video, 4.02 – Partnership Taxation: Basis – Lesson 3, Roger Philipp, CPA, CGMA, walks through a complex example which analyzes the effects of various transactions on the basis of three different partners in a partnership. In the example, we assume that the ABC Partnership is formed with three equal partners: Andy, Billie, and Cindy. Andy and Billie each contribute $100 of cash. Cindy contributes land with a tax basis of $80 and a fair market value of $130, subject to an unpaid mortgage of $30 that is being assumed by the partnership. Remember that calculating ending outside basis in a partnership, you start with beginning outside basis, adjust for the partner’s percentage of the partnership income or loss, adjust downward for distributions received from the partnership, adjust upward for partner’s share of partnership liabilities, and adjust downward for partner’s liabilities contributed to the partnership.
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