hrrisoncpa
Level 3
01-22-2021
12:25 PM
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Confusing. One response says, No, don't use outside basis. Next response says, Yes, use outside basis.
I agree that if the partnership has never added or lost partners then, in general, the Capital Accounts would be equal to outside basis. BUT, if there had been purchases and sales (and more likely than not the purchases were NOT at book value) the outside basis would not be equal to the Capital Accounts.