Constructive partnership terminations and the depreciation antichurning rules

Article Abstract:

The cessation of partnerships is covered by the Uniform Partnership Act (UPA). The applicable provisions of the UPA concerning treatment of depreciation can be found under the antichurning rules of section 168(f)(5). These provisions affect properties and assets purchased after 1986. The advantageous provisions of the depreciation rules can be maximized through the evasion of partnership cessation. If dissolution is unavoidable, numerous exceptions can be cited to circumvent the antichurning rules.

Laws, regulations and rules, Depreciation

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New estate freeze rules: tax and business planning impact on partnerships

Article Abstract:

The Revenue Reconciliation Act of 1990 will enforce new estate freeze regulations concerning partnerships which are composed of family members. Tax consultants are advised to consider three important situations in family partnerships. These are buy-and-sell arrangements, capital infusion in partnerships and bankruptcy or death of the general partner. An example of the effects of anti-freeze regulations on partnership processes is presented.

Estates (Law)

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