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Why is it important to keep track of a partner's basis in a partnership interest and how is it calculated?See Section 705 and consider Sections
Why is it important to keep track of a partner's basis in a partnership interest and how is it calculated?See Section 705 and consider Sections 721 and 722 (involving non-recognition of gain or loss on transfers to partnerships and basis considerations), 731 through 733 (involving distributions to partners of money or property and basis considerations), and Section 752 (involving a partner's share of a partnership's liabilities).
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