1 I invested $20,000 into this partnership and I've received distributions of $12,000 so my basis is now $8,000, correct? 2 If i'm a limited partner in a limited partnership, is it true I can have no voice in management. That doesn't seem fair. Should I change my status to a general partner. What the heck, to be able to add my two cents, it might be worth it. 3 I put land into this partnership worth $200,000 with a liability of $150,000. I'll be a 50-50 partner with my naybor. What's my basis in the p/s? 4 I have this land that I bot for $30,000 and it's now worth about $400,000. I hate to sell it because I'm in the 39.6% bracket. My son, who is a lawyer, says I should put it in a p/s with him and we can split the gain on sale. He's got $100,000 of stock losses that he can't deduct and so this would be perfect for him and reduce my tax. The money I lose out of this he says he'll just pay me as a gift - son to father. After all, I've given him a lot. Now it's his turn to give back