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Section 179 Expense Deduction & Partners Tax Basis


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#1 cpamonk

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Posted 20 August 2013 - 12:48 AM

Hi friends,

 

Does Section 179 Expense Deduction reduce a partners tax basis ?

 

Example:-

 

A is a partner of ABC. His tax basis is - $10,000.

There's a Section 179 Expense Deduction of $9,000. Will this reduce his tax basis by $3,000.

 

Will A's tax basis be $7,000 after the deduction?

 


  • Supreeth Mrdeeds likes this

#2 Supreeth Mrdeeds

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Posted 03 December 2013 - 10:44 AM

Will let you knw.. in a day.. 


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