Reply To: Adjusted basis in partnership

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Thanks, this is helpful. The partnership in question is a limited partnership.

I’ve seen it pointed out that box L is not in fact the taxpayer’s adjusted basis, so the taxpayer should do his/her own calculation, but it seems to me like box L (when computed with the tax basis method) is useful at least as a sanity check. Except for things like box 18c that don’t represent taxable income, the calculation of the adjusted basis come out basically the same (at least that’s my hypothesis – I am way out of my element here).