In the future it would be best if you began your own post as this is not related to the original question.
In answering your first question - not necessarily. Section 704(b) attempts to track the economics of the partnership capital and is the cornerstone of the regulations dealing with partnership allocations. Included in this number could be assets contributed based on FMV and not adjusted tax basis. There could have been a book-up at some point and that would be reflected in this account as well.
In response to your second question, you need to be tracking your tax basis and adjusting it annually. Only by knowing your tax basis will you then know whether or not you are at-risk. Additionally, unless you know your tax basis, you will not be able to determine your gain or loss upon disposition of your interest.
The attached link will provide some general guidance on maintaining your tax basis.
<a rel="nofollow" target="_blank" href="
https://www.irs.gov/instructions/i1065sk1/ch01.html">https://www.irs.gov/instructions/i1065sk1/ch01....>
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
