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*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 ...
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...
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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