| File | Topic |
|---|---|
| Chapter 19 - Partnerships/19.1-partnership-basics.md | Partnership Formation, Basis, K-1, Distributions |
Key concepts: §721 nonrecognition (property contributions), partner outside basis (cash + property basis + liability share), basis adjustments (income increases, distributions and losses decrease), guaranteed payments (ordinary income to partner, SE tax, deductible by partnership), loss limitations (basis → at-risk → passive), Form 1065 (March 15), K-1 issuance, current vs. liquidating distributions.
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