Partnership distributions, whether in the form of current distributions from operating profits, liquidating distributions, or distributions in connection with a sale are subject to a complex web of rules affecting recognition of gain or loss, allocation of “outside” and “inside” basis, and the effect of such distributions on the continuation or termination of the partnership for U.S. federal income tax purposes. The situation is only further complicated by Subchapter K’s regulatory overlay governing the allocation of partnership liabilities among and between the partners and the impact of such allocation on basis as well as the potential for deemed distributions resulting in phantom income.
Practitioners engaged in business transactions involving partners and partnerships (including members of limited liability companies that are treated as partnerships for U.S. federal income tax purposes), will find this program helpful for purposes of issue spotting and avoiding certain unintended tax consequences emerging from their transactions.
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