Hi all -
OA states each member in a 50/50 partnership's "initial capital contribution" (exact wording of OA) are the following:
1. $10,000 personal loan/line of credit (each member)
2. HELOC - secured by one member's home, but half of the liability guaranteed by the other
3. Loan for purchase of asset in the LLC's name - one member main debtor, other member guarantee 50%
Do I record 100% of #1 as basis or do I only record it as basis upon actual cash/asset movement? For example, partner per the OA is contributing $10,000 as a personal loan, but as of 12/31/19 they had only truly contributed $5,000 to the partnership, therefore the basis would only be $5,000.
I think I can work through #2 & #3, currently reviewing sections 443-447...