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jfjefts
Level 3
December 16, 2024
Question

T/P is a partner. Book Cap. is $550M, liab's is $580M, and est tax basis is ($160M). Income for 2024 is approx. $80M. How would it any withdrawal be treated?

  • December 16, 2024
  • 2 replies
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    2 replies

    T
    Terry53029Intuit Community Champion
    Intuit Community Champion
    December 17, 2024

    Here is a source for you to see the rules for withdrawals.

    https://www.thetaxadviser.com/issues/2024/aug/partnership-distributions-rules-and-exceptions.html

      sjrcpa
      sjrcpa
      Level 15
      December 20, 2024

      Tax basis can't be negative.

      The more I know the more I don’t know.
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