Small Business Taxes & Management


Partnership and LLC Basis Worksheet

Basis at start of year                                       _________
Excess deductions/losses from prior years                    _________
   Net                                                       _________


Basis from acquisition of interest during year               _________
Increase in partner's share of liabilities                   _________
Money contributed                                            _________
Basis of property contributed                                _________
Partner's gain under Sec. 721(b)                             _________

Ordinary business income                                     _________
Net income from rental activities                            _________
Interest income                                              _________
Dividend income                                              _________
Royalty income                                               _________
Net short-term capital gain                                  _________
Net long-term capital gain                                   _________
Net gain under Section 1231                                  _________
Tax-exempt interest income                                   _________
Other income                                                 _________
Section 179 recapture on disposition of assets               _________
Depletion (but not oil and gas) in excess of basis           _________
Life insurance proceeds                                      _________
Other increases                                              _________


Portion of basis sold or transferred                         _________
Decrease in share of liabilities                             _________
Money distributed                                            _________
Property distributed (basis to partner)                      _________

Ordinary loss                                                _________
50% of meals and entertainment (1)                           _________
Section 179 expense deduction                                _________
Charitable contributions                                     _________
Deductions related to interest, dividends, etc.              _________
Interest expense on investment debt                          _________
Other nondeductible expenses (2)                             _________
Net loss from rental activities                              _________
Net short-term capital loss                                  _________
Net long-term capital loss                                   _________
Net loss under Section 1231                                  _________
Foreign taxes                                                _________
Oil and gas depletion                                        _________
Other decreases                                              _________

     Basis                                                   _________


Basis is computed separately for each partner.

(1) The 50% of meals and entertainment expenses that are not deductible still reduce your basis.
(2) Other nondeductible expenses can include fines and penalties.
(3) Distributions can include actual cash or property payments to partners or the payment of a partner's personal expenses.

Copyright 1999 by A/N Group, Inc. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is distributed with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought. The information is not necessarily a complete
summary of all materials on the subject.--ISSN 1089-1536

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--Last update 11/03/99