Partner'S Adjusted Basis Worksheet (Outside Basis) Template

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Partner’s Adjusted Basis Worksheet (Outside Basis)
Tax Year End ___ / ___ / ___
Name of Partner:
TIN:
Name of Partnership:
EIN:
1) Adjusted basis from prior year (do not enter less than zero)
1)
.. ..... .... ..... .... ... . .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .
2) Cash contributions during the year
2)
.................................... .... ..... .... ..... ..... ... . .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .
3) Adjusted basis of property contributed during the year
3)
...... .... ..... .... ..... ..... .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .
4) Gain (if any) recognized on contribution of property from line (3)
4)
. ..... ..... ... . .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .
5) Ordinary income from line 1, Schedule K-1. Note: If a loss, include on line 12, below
5)
.. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . ..
6) Other items of income, including separately stated income and tax-exempt income:
Total line 6
6)
.. .. . .. . .. .. . .. . .......................................................... ..... .... ..... ..... .... ... .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. .
7) Partner’s current share of partnership liabilities
7)
................ ..... .... ..... .... ..... .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. ..
8) Liabilities included in adjusted basis from prior year (from line (1), above)
8) (
)
. .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. ..
9) Other increases to basis:
Includes partner’s share of the excess of the deductions for depletion (other than oil and gas depletion) over the basis
of the property subject to depletion.
Total line 9
9)
.. .. . .. . .. .. . .. . .......................................................... ..... .... ..... ..... .... ... .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. .
10) Combine lines 1 through 9 (if less than zero, enter -0-)
10)
..... .... ..... ..... .... ..... ... . .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .
11) Distributions to partner during the year (cash plus adjusted basis of property distributed). Note: A distribution may be
taxable if the amount exceeds the adjusted basis immediately before the distribution
11)
.. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .
12) Ordinary loss from line 1, Schedule K-1. Note: If a gain, include on line 5, above
12)
.. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . ..
13) Other losses passed through to partner, including separately stated items
13)
.. . .. . .. .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .
14) Section 179 deduction (even if not fully deductible because of limitations on the partner’s return)
14)
. .. .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . ..
15) Nondeductible partnership expenses (other than capital expenses)
15)
.... .... .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. ..
16) Deduction for oil and gas percentage depletion, not to exceed the partner’s allocable share of the adjusted basis of
that property
16)
. .. . .. .. . .. . .............................................................. ..... .... ..... .... ..... . . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. . .. .
17) Other deductions
Total line 17
17)
.. . .. . .. .. . .. ............................................................ ..... .... ..... ..... .... ... . .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. .
18) Add lines 11 through 17
18)
..................................................... ..... ..... .... ..... ..... ... .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. .
19) Partner’s outside basis at end of year: Line 10 minus line 18 (cannot be less than zero)
19)
. . .. .. . .. .. . .. .. . .. . .. .. . .. .. . .. .. . .. .. . .. .. . .. . .. ..
If line 18 is more than line 10, the loss is suspended until basis increases.
Suspended loss
. . .. .. . ............................................................... ..... .... ..... ..... ... . .. . .. .. . .. .. . .. . .. .. . .. .. .
Losses are also subject to passive activity loss rules and at-risk rules.
Tools for Tax Pros
TheTaxBook™

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