- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
You need to figure your basis in the partnership.
If you contributed nothing (including not taking on debt) and there has been no revenue, it is difficult to comprehend how (and why) you would be taking a draw in this scenario.
If your basis is $0, then you will recognize gain to the extent of the distribution.
‎September 10, 2022
12:56 PM
450 Views