[bean counter]

I’ve noticed a couple separate situations and am trying to determine if my solution is correct.

In some instances the mortgage assumed by a partnership is subtracted from their basis and then the portion relating to that partner (i.e. 40% of the liability) is added back to the partner’s basis. However, I have stumbled upon some review questions where the mortgage is completely subtracted and not re-added to the basis. Is this because the partners have a controlling (80%) interest after the fact?

BEC - 84 *
AUD - 73, 76 *
REG - 70, 72
FAR - 09/08/16

[monikernc]

please post a question with solution that ignores the mortgage for the basis

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

[bean counter]

I'll post it as soon as I get back to it (in revision). I only wrote the explanation in my notes, trying to find the reasoning as to why it wouldn't be added back…the fact that it was a controlling interest was the only logical explanation I could come up with.

BEC - 84 *
AUD - 73, 76 *
REG - 70, 72
FAR - 09/08/16

[Skynet]

Unfortunately, when you get married, you often also assume your wife's credit card debt (disclosed or undisclosed) no matter how high as a packaged deal.

[nadroj]

BEC teaches us the benefits of a limited partnership.

[Author]

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