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,000 Proportionate Nonliquidating Distribution Examples (slide 5 of 6) .

300 Proportionate Liquidating Distribution Examples (slide 2 of 4) .

$ -0- Proportionate Liquidating Distribution Examples (slide 3 of 4) .

$30,000 Proportionate Liquidating Distribution Examples (slide 4 of 4) Sale of non-cash assets at FMV: Example H:.

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Chapter 11 Partnerships: Distributions, Transfer of Interests, and Terminations Distributions from a Partnership (slide 1 of 4) All distributions of cash and property fall into two categories: Liquidating distributions Nonliquidating distributions Depends on whether the partner remains a partner in the partnership after the distribution Distributions from a Partnership (slide 2 of 4) A liquidating distribution occurs when either: Partnership itself liquidates and distributes all its property to the partners, or Ongoing partnership redeems interest of one of its partners e.g., Partner retires Distributions from a Partnership (slide 3 of 4) A nonliquidating distribution is any distribution from a continuing partnership to a continuing partner Two types of nonliquidating distributions Draw Distribution of partner’s share of current or accumulated profits Partially liquidating distribution Reduces partner’s interest in partnership capital but does not liquidate partner’s interest Distributions from a Partnership (slide 4 of 4) Distributions from a partnership may be either: Proportionate—Partner receives his or her share of certain ordinary income-producing assets Disproportionate—Partner’s share of certain ordinary income-producing assets increases or decreases Proportionate Nonliquidating Distributions (slide 1 of 3) Neither partner nor partnership recognizes gain or loss on proportionate nonliquidating distributions Partner usually takes a carryover basis in assets distributed Basis in partnership interest is reduced by amount of cash and basis of property distributed Proportionate Nonliquidating Distributions (slide 2 of 3) Partner recognizes gain to extent cash received exceeds partner’s adjusted basis (outside basis) in partnership interest Partner cannot recognize loss in a nonliquidating distribution Proportionate Nonliquidating Distributions (slide 3 of 3) Property distributions No gain recognized on a property distribution If inside basis of property distributed exceeds partner’s outside basis in partnership interest, distributed asset takes substituted basis Assets are deemed distributed and basis applied in a certain order Ordering Rules 1.

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