Affected Item Law and Legal Definition

Affected item is defined as “any item to the extent such item is affected by a partnership item. An example of an "affected item" is a partner's tax basis in his partnership interest, which is affected by partnership items such as partnership income or loss.” Schell v. United States, 2009 U.S. App. LEXIS 28130 (Fed. Cir. Dec. 22, 2009)