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Tax partnership liquidating distributions gypsy dating rules

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The inside basis is the partnership's tax basis in the individual assets.

The outside basis is the tax basis of each individual partner's interest in the partnership.

If you own an interest in a partnership, each year you receive a K-1 form on which partnership activity is reported to you (the partner) for your share of that year’s activity.

Within the K-1 there is a section that shows each partner’s share of liabilities for that year.

Whether earnings are retained in a partnership or distributed to partners has no affect on the taxation of those earnings, since the partners have to pay tax on the earnings whether they are distributed or not.

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To understand the taxation of partnerships and distributions, it is necessary to know the 2 types of tax bases concerning partnerships.

An S corporation is a pass-through entity and does not pay federal income tax.

The net earnings of the S corporation are passed through to the shareholders of the company and reported on their individual income tax returns.

If you sold your partnership interest for ,000, you would recognize a gain of ,000, whereas your partner, if she sold at the same price, would recognize no gain.

There are 2 types of distributions: a current distribution decreases the partner's capital account without terminating it, whereas a liquidating distribution pays the entire capital account to the partner, thereby eliminating the partner's equity interest in the partnership.