When is adjustment due to partners' retirement made?
The basis of partnership property may be adjusted when conducting a distribution of partnership property in relation to the liquidation of the interest of a retiring partner. The election is performed by registering a written statement with the partnership return for the year that the distribution is made. According to Section 734(b), the body must raise or lower the modified basis of partnership property by any gain or loss the retiring partner acknowledges. Revenue Ruling 93-13, IRB 1993-7, 12 provides that in such elections, the basis adjustment should conform in both timing and amount to the retiring partner's recognition of gain or loss. Reg. 1.736-1(b)(6) states that when the entire liquidation payments is a fixed total, a retiring partner may measure the gain or loss by the difference between the distribution in the year and the proportion of the adjusted basis of the partner for the partnership interest related to the distribution.
Publication Name: Taxation for Accountants
Dune writing case
The Dune writing case designed by James Tresserra Clapes for J. Tresserra Design SL of Barcelona, Spain, received a gold award in teh furniture category of the 1992 I.D. Annual Design Review. The writing case was praised for combining the use of the highest quality walnut, Catalan leather, burnished brass and buckskin with the most exquisite craftmanship. The design suggests that the designer has given much thought to the activity that the product is intended for.
Publication Name: I.D.
Writing made easy
Twelve steps to writing an effective sales letter are outlined, with the focus on making the letter easy-to-read. Since the rules of English grammar do not apply, sales letters are solely formatted to sell the item(s) presented. Underlining a few key words and varying the width of paragraphs are two ways to capture the reader's attention.
Publication Name: ZIP-Target Marketing
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