this may seem confusing but there is inside basis - what the partnership shows and outside basis. what you paid +/- your share of profit loss - distributions. now if there are depreciable assets or maybe goodwill the partnership may make a 754 election so you can get a depreciation deduction for the difference between the $1,000 you paid and the $350 shown on the partnership books. since this seems like your new at doing partnership returns I strongly suggest you use the services of a tax pro the first year. mess up and you'll have a never ending problem on your hands. Also, TurboTax does not do basis calculations.
