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  • Posted in: All member Forum

    *Normally* the answer is no, there aren't tax implications.  The partner takes a basis in the asset equal to the lesser of the partnership's basis in the asset *OR* the partner's remaining basis in his/her partnership interest (after taking into account ...

  • Posted in: All member Forum

    Can anyone assist when a partnership does a non cash distribution. is there any tax implications to either the partnership or the partner? the FMV of the distribution is greater than the cost basis...

  • Posted in: All member Forum

    The key Tax Court opinion providing your answer is Plainfield-Union Water Co. v. Commissioner  [Dec. 25,740],  39 T.C. 333 , 337 (1962). Generally, repairs are incidental expenses that  keep  property in its ordinarily efficient operating condition ...


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