The article discusses the tax implications for people involved in partnerships when non-recourse liability transforms into full-recourse liability. The way how this transformation impacts a partner's basis in a partnership is explored. How a partner may discharge this debt is discussed. Focal to ...
Modified adjusted gross income can be defined as your household’s AGI after anytax-exempt interestincome and after factoring in certain tax deductions.1Knowing your MAGI can help reduce an individual's taxable income (to account for your retirement account contributions), factor in the eligibility ...