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PTP with Nonrecourse liability


GraceNY

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I am reconstructing the partner's basis via an original purchase document and the prior K-1's issued in connection with it.

No Nonrecourse liability listed on prior year K-1's until the 2015 K-1. There is a Nonrecourse liability listed in the amount of $14,694.  Am I correct in adding this amount to the partner's basis?

On the 2016 K-1 there is a Nonrecourse liability listed in the amount of $15,631. If 2015 Non recourse liability gets added to basis, then in 2016, I would just add in $ 937 ($15,631 - $14,694) as the increase in the partner's share of partnership liabilities?

Thanks in advance for the help.

Grace

 

 

 

 

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