Partnership basis REG book mistake?

  • Creator
    Topic
  • #3083223
    Elena
    Participant

    Hi guys,
    I’m kinda confused by the outside basis calculation illustration in the REG book.
    I can’t insert a screenshot here but on the page 9 chart shows that you should deduct partner’s % of partnership liabilities to arrive to the net outside basis, but IRS Pub 541 says that

    A partner’s basis is increased by the following items.
    The partner’s additional contributions to the partnership, including an increased share of, or assumption of, partnership liabilities.

    What am I missing here?

    Thanks!

Viewing 3 replies - 1 through 3 (of 3 total)
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    Replies
  • #3084552
    monikernc
    Participant

    What I tried to say and was blocked from doing so is that Roger has partnership tax basis videos on you tube that explains this so elegantly.

    AUD - 93
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    #3083589
    monikernc
    Participant

    @Elena watch this and the other Roger partnership videos – he will walk you through it. https://youtu.be/ATSEhnkqYEM

    AUD - 93
    BEC - 82
    FAR - 76
    REG - 88
    How have you been?
    Ninja book and MCQs and the forum, all first try! 2016
    Licensed State of Montana April Fool’s Day 2020
    State of Colorado June 2020 - AICPA Ethics 93
    Experience was the worst part of the journey for me. You?
    If you want things to change you have to do something different.

    FAR 7/25/15 76!
    AUD 10/30/15 93
    BEC 2/27/16 82
    REG 5/23/16 88!
    Ninja Book and MCQ and the forum - all the way!!!
    and a little thing i like to call, time and effort!
    if you want things to change, you have to do something different

    #3087945
    Elena
    Participant

    Thank you!!
    I have Roger review and I watched the videos and then decided to refresh by just reading REG book and noticed this. I'm just curious if I get any explanation from the support team.

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