I'm still struggling with the Partnership concept of loss, if any, upon dissolution.
I went back to figure the basis with income/loss and distributions over the years. The adjusted basis I calculate is $2,000 +/-.
Personal loan = $6,000
Recourse loan = $20,000 - (now assumed personally)
Outside Basis = $2,000
$2,000 capital loss?
What about the $20,000 loan that is carried over?
I went back to figure the basis with income/loss and distributions over the years. The adjusted basis I calculate is $2,000 +/-.
Personal loan = $6,000
Recourse loan = $20,000 - (now assumed personally)
Outside Basis = $2,000
$2,000 capital loss?
What about the $20,000 loan that is carried over?