1120-US: Partner’s Basis Worksheet - Charitable contributions and foreign tax treatment

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Question

How are charitable contributions and foreign taxes treated on the Partner's Basis Worksheet?

Answer

Charitable contributions and foreign taxes are not included in the definition of partnership income and are not limited by the basis in the partnership interest. Charitable contributions and foreign taxes are used in the determination of basis in the partnership interest under IRC section 705(a)(2)(B), but the amounts are not limited. Per Revenue Ruling 96-11, basis is decreased by the partner's share of the partnership's basis in the property contributed.

Related topic: Partner's Basis Worksheets FAQs

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