Perplexity arrived at the same end result as my response.
In a forum such as this, getting overly complicated in how you arrive at the end result makes no sense...
The liabilities provided tax basis in order for the allocation(s) to meet the substantial economic effect test, and as such, provided outside debt basis (tax ba...
With the limited details provided, this is what I see:
Prior year basis $140,922
Reduce that by the liabilities that are no longer considered basis and you get...
@dc20222023I don't disagree with your statement "...not everyone who receives the schedule k is passive income....."
However, your facts are very limited, QBI a...
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