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6 Cards in this Set
- Front
- Back
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Partnership tax loss or partners loss deduction
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= Capital + % of liabilities
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Receipts in liquidation
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In a complete liquidation
- basis in property received = adj.basis in property - withdrawals - basis in cash = gain or loss |
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No recognition of income (gain or loss)
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on non liquidating distribution of property other than money
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property basis in a non liquidating distribution
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the partner takes the partnership's basis for assets.
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Exception to non recognition of gain
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-capital interest acquired for services rendered (FMV) ( treated as ordinary gain)
-Property subject to excess liability |
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Elections made at partnership level
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-methods of accounting
-methods of depreciation -section 179 expending -not to recognize involuntary conversion gains |
