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RshaoKh
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Joined: 28 Jul 2009
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Posts: 154

Posted: 16 Feb 2010 at 10:42 \| IP Logged

I know that partners in a limited partnership share profits based on their contribution of capital (assuming there is nothing mentioned about the share of profits in the partnership agreement). Does the fmv of services rendered get included in the amount of capital "contributed"?

EAK5455
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Joined: 08 Jan 2010
Location: United States
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Posts: 107

Posted: 17 Feb 2010 at 09:54 \| IP Logged

I'm pretty sure the profits/losses are split based on the capital accounts on the books of the partnership rather than outside tax basis.

Tax basis, to the partner, would be increased by the services rendered. This same partner's capital account on the books of the
partnership, however, would not be affected directly by services rendered.

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