REG : Partnership Liability Assumed and Relieved..confused

  • Creator
    Topic
  • July 20, 2013 at 9:05 am #178816
    yomomma
    Participant

    Is this correct or wrong…

    Partnership Liability Relieved = Partner Liability Assumed?

    When Partnership is relieved of a liability, which decreases a Partner’s basis in the Partnership,

    does it mean that the Partner Assumed the liability or is also relieved from it? I’m confused whether they have

    an inverse relationship of some kind or if the Partnership is relieved from it then also the Partner is relieved.

    Please Help!

    FAR - 79
    AUD - 82
    REG - 83
    BEC - 77 Booya

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