pship basis?????

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    Topic
  • May 10, 2014 at 3:43 am #185453
    Anonymous
    Inactive

    Okay, if a partnership splits profits and losses 60/40 and assumes a mortgage on aquired land, then the partners basis increases 60/40 respectively.

    What if they split profits 60/40 and losses 50/50 and assume the same mortgage, is the basis then increased according to their share of losses 50/50 or profits 60/40?

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  • May 10, 2014 at 7:03 am #552780
    005
    Participant

    I'd say profits (60/40), but I'm not 100% sure. I hope someone else can chime in.

    BEC - ✔
    REG - ✔
    AUD - ✔
    FAR - 11/29/14

    CPAExcel, Ninja MCQs, and a sh*t ton of coffee

    May 10, 2014 at 7:03 am #552783
    005
    Participant

    I'd say profits (60/40), but I'm not 100% sure. I hope someone else can chime in.

    BEC - ✔
    REG - ✔
    AUD - ✔
    FAR - 11/29/14

    CPAExcel, Ninja MCQs, and a sh*t ton of coffee

    May 14, 2014 at 2:46 am #552782
    Anonymous
    Inactive

    Bump

    May 14, 2014 at 2:46 am #552785
    Anonymous
    Inactive

    Bump

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