Is there anything you do when getting a partnership/corp basis or G/L question?

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  • #826090
    Tcohle
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    I was thinking there HAS to be a strategy someone does right when they see one of these problems.

    Like do you set up columns saying “Basis for Contributor”, “Basis for Partnership/Corp”, Recognized G/L, Realized G/L, etc then start doing the problem.

    I feel a weakness for me is that I’m a little scatterbrained when it comes to those types of problems, including distributions.

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  • #826168
    monikernc
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    i was getting stuck on those too. this website is a little funky but the illustrations are great and lots of info:
    https://tax.cchgroup.com/downloads/files/contemporary-tax-practice/M1-Partnership-Taxation/T1-Partnerships-General-Formation-Issues/A-Legal-Formalities.asp

    working/reading through these really helped me.

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