Question: Whatare inside basis and outside basis , and why are they relevant for taxing partnerships and partners? What are guaranteed payments, and how do partnerships

Whatare inside basis and outside basis, and why are they relevant for taxing partnerships and partners?

What are guaranteed payments, and how do partnerships and partners treat them for income and self-employment tax purposes?

What hurdles (or limitations) must partners overcome before they can ultimately deduct partnership losses on their tax returns?

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