liquidating partner

• Tax and accounting aspects of liquidating a partner's interest.

EXECUTIVE SUMMARY * If capital is not a material income-producing factor for a partnership, payments in liquidation of a general partner's interest ...

• The Tax Adviser
• Vol. 30 Nbr. 5, May 1999

• Paul B. Leggett and One-Hour Martinizing, a Co-Partnership, Composed of Ralph Pretti and Leroy Hopkins, Leroy Hopkins, Liquidating Partner, Plaintiffs-Appellants, v. the Home Indemnity Company, a Corporation, Defendant-Appellee., 461 F.2d 257 (10th Cir. 1972)

Floyd L. Walker, Tulsa, Okl. (Aden M. Brown, Tulsa, Okl., and C. D. Tomlins, Bixby, Okl., on the brief), for plaintiffs-appellants. Richard D. Wagne...

• Federal Circuits

• Unitizing basis when a selling or liquidating partner owns both limited and general partnership interests.

A partner with both limited and general partnership interests can use a portion of the partner's basis in both interests when computing gain or loss when only one type of interest is being sold or disposed of. IRS regulations identify how to allocate limited partnership interest and general partnership interest bases, including accounting for partnership liabilities. Tax practitioners should ensure that basis calculations and allocations accurately reflect the fair market values of the interests.

• The Tax Adviser
• Vol. 28 Nbr. 2, February 1997

• Kelley v. Ferraro, (Ohio 2010)

Summary judgment; partnership agreement; death of partner; dissolution; winding up; liquidating event; parol evidence; waiver; written modification; nonlawyer; feesharing; conversion; personal property; directed verdict; receiver; constructive trust.

• Ohio Supreme Court

• in the Matter of Herman Rubin, Individually and Herman Rubin as Surviving and Liquidating Partner of Rubin'S Pastries, a Partnership, Debtor. Jules Goldstein, Henry Glazer, Philip Abrams, Bernard Kaufman and Joseph Bibbo, Appellants., 378 F.2d 104 (3rd Cir. 1967)

Edward Cohen, Philadelphia, Pa. (Cohen & Novack, Philadelphia, Pa., on the brief), for appellants. Melvin Lashner, Philadelphia, Pa. (Adelman & Lavi...

• Federal Circuits

• 31 CFR 306.87 - Partnerships (including nominee partnerships).

... affairs, an assignment by a liquidating partner, as such, must be supported by a duly exec...

• Code of Federal Regulations - Title 31: Money and Finance: Treasury

• Robert H. Fox Co., a Copartnership, By Robert H. Fix, Liquidating Partner, and Robert H. Fix and Gladys E. Fox, Husband and Wife, v. Keystone Driller Company and California Trust Company, Keystone Driller Company (Now Stardrill-Keystone Company), Appellant. Keystone Driller Company, a Corporation (Now Stardrill-Keystone Company), Appellant, v. Robert H. Fox Co., a Partnership, and Robert H. Fox and R. M. Hollowell, Trading and Doing Business as Robert H. Fox Co., 232 F.2d 831 (3rd Cir. 1956)

Samuel K. McCune, Pittsburgh, Pa. (Krikpatrick, Pomeroy, Lockhart & Johnson, Pittsburgh, Pa., on the brief), for appellant. Myron E. Rowley, Ambridg...

• Federal Circuits

• 26 CFR 1.1272-2 - Treatment of debt instruments purchased at a premium.

... a debt instrument is distributed by a partnership to a partner in a liquidating distribution and the...

• Code of Federal Regulations - Title 26: Internal Revenue

• Target allocations.

... to the perceived abuses of limited partnership tax shelters, whereby taxpayers were taking losses...Under the latter approach, final liquidating distributions are made in accordance with positive...

• The Tax Adviser
• Vol. 42 Nbr. 4, April 2011

• Amadeo v. Northern Assurance Co., 201 U.S. 194 (1906)

... & Company, and Pedro Salazar as liquidating partner of the said Pastor Marquez & Company, take...

• U.S. Supreme Court