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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Partnership Liquidation Sec 751
Partnership Liquidation Sec 751
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dthornton
Level 1
08-17-2022
03:21 PM
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A partnership liquidates and distributes mulitiple rental properties. Even though the fair market value of the property distributed to each partner is approximately the same, some have greater accumulated depreciation than others. This is a dispropotionate distribution under 751. Is a computation that the individual partner makes? Or does the partnership report this?
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sjrcpa
Level 15
08-17-2022
03:31 PM
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Do you mean the adjusted basis for each property is different?
The more I know, the more I don't know.
dthornton
Level 1
08-17-2022
03:41 PM
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Correct. The basis of each property is different.
