Posts Tagged Debit

Court Denies Basis To Partners For Contributions of Notes, But Waives Penalties

http://hiddenacres.ca/site/?m=mapping-your-future-student-loan-calculator The Tax Court has denied basis to individuals who contributed unfunded, unsecured notes to a partnership and claimed basis for the amounts on the notes. As a result, the partners’ bases in their partnership interests were too low for them to claim greater pass-through losses on their…

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