Terry53029
Level 15
Level 15

If you received the property in liquidation of your interest, your basis in the distributed property is equal to the adjusted basis of your partnership interest reduced by any cash distributed in the same transaction.

after that it becomes personal property. if immediately sold for more than tax basis you have a reportable gain. if sold at a loss it's not deductible.

On a side note special deprecation in 2022 was 80% not 100%

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