Clarification to What's New Item on Page 1
- The heading for the second What's New item should be: Decedent's Schedule K-1.
Clarifications to the Worksheet for Adjusting the Basis of a Partner's Interest in the Partnership on Page 3
- The Worksheet for Adjusting the Basis of a Partner's Interest in the Partnership can be used by each partner to maintain a record of its basis. The worksheet is not filed with the IRS.
- Line 4c of the worksheet should be corrected to the following: Add line 4b to line 4a. If the result is less than zero, include this amount on line 10.
- The third sentence of line 10 should be corrected to the following: Include business interest expense as a separate loss class.