Jerry has a 10% interest in the EKG Partnership capital, profits and losses. He is a limited partner. At the beginning of the current year, his basis in his partnership interest is 10,000. The partnership earned 20,000 of ordinary income this year and repaid a 150,000 non recourse liability. What tax issues should Jerry consider with respect to reporting the results of this year’s activities for the EKG Partnership on his personal return? Condiser Jerry’s basis in the partnership interest, any impact of the liability repayment on his basis and on his personal tax return.
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