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The partner’s basis in his partnership interest in increased by: These basis adjustments depend in large part on the allocation of partnership income, gains, losses, deductions, and credit among the partners.

The non cash assets of 140,000 are sold for 100,000 making a loss on sale of 40,000.These rules (a) allocate the partnership’s income, losses, deductions, and credit among the partners and (b) adjust basis to reflect each partner’s allocation of those items.As stated in Taxation of Limited Liability Companies and Partnerships, limited liability companies are taxed as partnerships by default.This discussion of the tax consequences of contributions to partnerships will also apply to limited liability companies unless the limited liability company has elected to be taxed as a corporation.As with S corporations, the tax consequences of a distribution to a partner are heavily dependent on the partner’s basis in his partnership interest.As an example, suppose a partnership has two partners, partner A and partner B who share net income and net losses equally (income ratio 1:1), and have capital balances of 50,000 and 60,000 respectively.