Basis calculation when adding a new partner to S Corp

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Submitted by Anonymous on Thu, 2010-01-28 12:18.

General Discussion

I bought 50% of an existing S corp 1/1/2010. Basis for the sole owner at year end 2009 was about $200,000. For future basis calculation, does my partner retain all $200,000 as his basis and I start from zero or did I "buy" half of the basis as part of the purchase?

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IRS Circular 230 Disclaimer: Pursuant to Internal Revenue Service guidance, be advised that any federal tax advice in this communication, including any attachments or enclosures, was not intended or written to be used, and it cannot be used, by any person or entity for the purpose of avoiding penalties imposed under the Internal Revenue Code.

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Basis calculation when adding a new partner to S Corp

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