Accounting Issues - Alocating Built-In Gains and Losses Following the Redemption of a Contributing Partner's Interest

Article Abstract:

When a partner retires or dies, special allocations are made in respect of the partner's share of built-in gain or loss on contributed or revalued property upon a taxable disposition by the partnership property.

Evaluation, Taxation, Allocation (Accounting), Gain sharing, Partnership distributions

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Tax Accounting Partnership Estopped From Asserting That General Partnership Lacked Authority to Consent to Extensin of Assessment Period

Article Abstract:

The Court ruled that when a general partner was authorized to bind the partnership, the partnership can not ask the court to invalidate his act because of the doctrine of estoppel.

Cases, Authority, Estoppel

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Obtaining an Abandonment or Worthlessness Deduction for a Partnership Interest

Article Abstract:

This paper shows that a partner who abandons his partnership interest and claims an ordinary loss is better off than when he surrenders his share for redemption.

Laws, regulations and rules, Accounting and auditing, Tax deductions, Renunciation (Law)

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