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Fred Stein, CPA EA's avatar

What a great idea for a topic to discuss. Thanks Tom.

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Dana's avatar

I have a client who is a limited partner in an accounting firm. All of his income is self-employment income and they show a distribution of the draws for his salary. His basis is low because he only has a small amount of capital contribution. He wants to purchase a vehicle and take the maximum deduction for a vehicle over 6000 lbs but it is being limited due to his basis. Do I increase basis by the amount of self employment income?

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