What is the difference between a partner's tax basis and at-risk amount?
What will be an ideal response?
A partner's tax basis is adjusted to include the impact of a variety of items. A partner's tax basis is affected by partner contributions, partner distributions, changes in the amount of partnership debt allocated to partners, a partner's share of tax-exempt income, a partner's share of nondeductible expenses, a partner's share of ordinary business income (loss), etc. A partner's at-risk amount is calculated in much the same way except that a partner's share of nonrecourse debt is generally not included in the at-risk amount.
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