Monday, February 27, 2006

I Need an Accountant

Not for my personal finances, Nell's in charge of those. I need an accountant to help me with my tax reading. I just spent thirty minutes trying to work out a partnership balance sheet to reflect contributions by the partners of encumbered property, followed the next year by a depreciation deduction and a charitable contribution. What really screwed me up was that the amount of the mortgage on the property was three times the contributing partner's basis in the property. This means his outside basis would be less than zero, which is fine with me, but Congress doesn't deal in negative bases for some reason. Ugh.


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