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Lesson Overview:
In this lesson, Nick Palazzolo, CPA, takes a deep dive into the intricacies of tax basis and atrisk basis, emphasizing their significance in partnerships, though also applicable to other investments. He elucidates the calculation of a partner's tax basis as the original purchase price adjusted for various factors like contributions, depreciation, and losses, which comes into play when determining the gain or loss upon disposal of that interest. Moving on, Nick clarifies the concept of atrisk basis, which is essential in limiting the amount of deductible losses based on the actual economic risk assumed by the taxpayer. Through an engaging walkthrough, he differentiates between recourse and nonrecourse loans and their effect on a taxpayer's atrisk basis, further illustrated by a practical example involving a partnership investment. This thorough explanation enables a fuller understanding of how these bases affect the recognition and limitation of losses, a critical component for grasping more complex partnership tax scenarios.

Key Topics Covered:
Tax Basis Calculation
AtRisk Basis
Partnership Taxation
Deductible Loss Limitations

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