Question
Federal Basis Limitation Worksheet
While entering a K1 (Partnership) for a PTP, as a Limited Partner, and entering the Partner's share of liabilities, in particular the beginning and ending values for the Non-Recourse liabilities, the Federal Basis Limitation Worksheet is accounting for the 'Change in Partner's share of liabilities' for the opening and closing change. I was of the understanding that 'Non-Recourse' liabilities is not a factor in determining the EOY Adjusted Basis.
The Lacerte program is including this change. Is this correct?
