Calculating tax basis in a partnership is an important part of ensuring your business remains compliant with IRS regulations. Essentially, it entails determining the value of a partner’s assets or stock holdings in a partnership at any given time in order to determine the proper amount of any capital gains taxes that need to be paid. It’s a complex accounting process that requires a deep understanding of both the tax code and corporate finance. But it doesn’t have to be daunting – with careful planning, accurate record-keeping, and an experienced accountant on your team, calculating tax basis in a partnership can be smooth sailing!