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Mike Alex Year 1: Beginning Basis in Partnership Interest Contributions Partnership Recourse Debt (Trade Accounts Payable) Partnership Nonrecourse Secured Debt (Land) Ordinary Business Income Nontaxable
Mike Alex Year 1: Beginning Basis in Partnership Interest Contributions Partnership Recourse Debt (Trade Accounts Payable) Partnership Nonrecourse Secured Debt (Land) Ordinary Business Income Nontaxable Income Separately Stated Income Items Guaranteed Payment (Mike) Distributions Nondeductible Expenses Ordinary Business Loss Separately Stated Expense Items Year 1 Ending Basis in Partnership Interest Year 2: Contributions Increase in Partnership Recourse Debt (Accounts Payable) Increase in Partnership Nonrecourse Secured Debt (Land) Ordinary Business Income Nontaxable Income Separately Stated Income Items Guaranteed Payment (Mike) Decrease in Partnership Recourse Debt (Accounts Payable) Decrease in Partnership Nonrecourse Secured Debt (Land) Distributions Nondeductible Expenses Ordinary Business Loss Separately Stated Expense Items Year 2 Ending Basis in Partnership Interest
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