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Is your statement "passed through income increases your basis in the partnership [and] losses decrease your basis" correct? I think it decreases basis, not increases it.
In answer to the question "Where can I file the partnership cash distributions from MLPs", you (ttlc.intuit.com/questions) stated that " . . . passed through income increases your basis in the partnership while losses decrease your basis." I thought that passed-through income decreases basis, not increases it. Is your answer incorrect?
‎June 6, 2019
12:02 AM