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6 Cards in this Set

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