LLC Basis



I have a question concerning liabilities such as accounts payble,
taxes payable, sales tax payable,etc for an accrual basis LLC. I
understand that
liabilities for a LLC are technically considered non-recourse, and in
order to
get basis partner's should guarantee loans. Or that LLC agreements
have a deficit restoration provision because it goes against the grain
limited liabilty.

How does an LLC get basis for these type of liabilities. Do they
put a clause in the partnership agreement guaranteeing these
liabilities? Or
do you just consider the above type of liabilites
non-recourse on the K-1s and no at risk basis?

Any input on how this is handled for preparation purposes on
in general would be appreciated.



Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads

Tax basis and LLC 1
LLC capital account and basis 1
USA LLC Health Insurance 3
USA Fixed Assets on a Cash Basis 3
USA LLC guaranteed Payments 0
USA Invested in Partnership LLC through a Single Member LLC 0
USA Multi Member LLC 1
USA S corp shareholder basis 0