I've been struggling to understand the IRS instructions but am totally confused.
Several years ago I purchased a partnership in an oil well joint venture. It never made any money, went bust last year. I have a Final K-1.
My problem is understanding the Basis of partnership interest. Is that simply what I paid for it? Is the difference between that and the $0 I was paid, ordinary loss, or long-term loss?
I'm grateful for any attempt to explain this to me.
