Partnership Basics: Liquidation, Redemption and Distribution Transactions

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Partnership Basics: Liquidation, Redemption and Distribution Transactions

Taxation Section

Credit(s):

2 Legal Specialization in Taxation Law
2 Participatory MCLE Credits

Course Number:

TAX_08-11-20

Original Program Date:

August 11, 2020

Duration:

2 hours

Access:

Available for 3 months after Registration

Passport:

This product is Passport Eligible

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Category: Taxation

Category: Taxation (show less)

Partnerships are an important part of United States tax administration and a major tax planning vehicle. This Webinar is part of a series that will be a valuable introductory course on the partnership lifecycle. For experienced tax professionals seeking to grow their skills, this course will also be useful as a refresher course to partnership mechanics. This Webinar reviews liquidation, redemption and distribution transactions and special California tax issues. Learn how partnership distributions fit within the structure of Subchapter K of the internal revenue code. Understand the key considerations that should be taken into account in connection with non-liquidating and liquidating partnership distributions.

Course topics include: when gain or loss may be recognized, how other partners may be affected, the effect of liabilities under Section 752, how inside and outside basis is affected (including whether a book up should be considered and whether basis adjustments are allowed or mandatory), whether an apparent distribution is treated as a taxable sale under the disguised sale rules, special considerations when the distribution is in redemption of a partner's interest or in liquidation of the partnership, indemnification under the BBApartnership audit rules, procedural rules such as withholding under Section 1446(f), and special California tax issues. This course does not cover partnership contribution transactions in general and nonrecognition transactions, which were covered in the first Webinar of the series. It also does not cover partner-level limitations or basis transactions, which were covered in the second and third Webinar of the series.

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