If you had no other items that affect Partners' capital accounts, the Beg. Capital Balance for 2017 would be $11,112 ($14,000 minus $2,888). Each partner's beginning basis would be $5,556.
Make sure you have taken into account all the items that affect basis.
Besides the partner's distributive share of taxable and nontaxable partnership income(loss) they include:
- Additional cash and property contributions
- Distributions of cash and property
- Non deductible partnership expenses
- An increased or decreased share of, or assumption of, partnership liabilities.
- Depletion of oil and gas.
Click here on this link for more information from IRS Publication 541: https://www.irs.gov/pub/irs-pdf/p541.pdf
