Tax Facts

8009 / Do the at risk rules affect an individual’s tax basis in a tax shelter limited partnership?

No. The at risk rules and the limitations they impose on the deduction of losses do not affect the tax basis of property involved in the covered activity (including the tax basis of a limited interest in a partnership engaged in the covered activity) for purposes of determining gain or loss on disposition, calculating depreciation or depletion, or any other purpose.1

1. Prop. Treas. Reg. § 1.465-1(e).

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