A partnership will take a cost basis in an asset it aquires when?

7 ⤊

A partnership will take a cost basis in an asset it aquires when?

2007-09-17 03:01:55 · 3 answers · asked by Ianzack 1 in Business & Finance ➔ Taxes ➔ United States

3 answers

A partnership will take a cost basis in an asset it acquires when it purchases it.

If the asset is part of the partner's entry into the partnership, then cost basis is not used. Fair market value will determine the basis for the partnership.

So it depends on how it is acquired. If purchased, use cost basis. Other occasions, use fair market value.

2007-09-20 09:54:14 · answer #1 · answered by Anonymous · 7⤊ 0⤋

What are you asking here exactly? The partnership has a cost basis in an asset as soon as it has acquired it.

2007-09-17 10:16:45 · answer #2 · answered by Anonymous · 0⤊ 0⤋

When it acquires the asset, of course.

2007-09-17 10:58:33 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋