Elaborate on the term basis-in, basis-out. What does that phrase mean in the context of a partnership

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Elaborate on the term basis-in, basis-out. What does that phrase mean in the context of a partnership formation?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Fundamentals Of Taxation 2015

ISBN: 9781259293092

8th Edition

Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone

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