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    Cash basis liquidating distributions

    On December 31, 2011, after receipt of his share of\r\npartnership income, Clark sold his interest in a limited partnership\r\nfor ,000 cash and relief of all liabilities. How much long-term capital gain should Roe\r\nreport in 2012 on the sale of his partnership interest? On that\r\ndate, the adjusted basis of Clark\u2019s partnership interest was\r\n,000, consisting of his capital account of ,000 and his\r\nshare of the partnership liabilities of ,000. Ordinary gain of ,000.\t Debt relief\t 25,000\r\nc. Capital gain of ,000.\t\t Basis -40,000\r\n\t\t\t\t\t\t Gain\t15,000\r\n\r\n Sale of Partnership Interests \u2013 Hot Assets\r\n\r\n Unrealized receivables generally refers to the receivables of cash method taxpayers because the income has been earned but not yet included in gross income. The cost of real property shall not include any amount in respect of real property taxes which are treated under section 164 (d) as imposed on the taxpayer.Is basis calulated as would be in a partnership or s-corp?Whether you report the gain as a long-term or short-term capital gain depends on how long you have held the stock.See If you acquired stock in the same corporation in more than one transaction, you own more than one block of stock in the corporation.Money or property withdrawn by a partner in anticipation of the current year's earnings is treated as a distribution received on the last day of the partnership's tax year. A partner's adjusted basis in his or her partnership interest is decreased (but not below zero) by the money and adjusted basis of property distributed to the partner.

    In addition, Dole assumed Carr\u2019s share of the partnership\u2019s liability.\r\n\r\n53. What amount of ordinary income should Carr report by Carr on the sale of his \t\tin his 2012 income tax return on the sale of his partnership interest? This corp is new to me - but I have worked with the shareholders individually and to my knowledge only one dividend has been paid, a 1099-DIV was prepared and distributed.If I understand correctly - a liquidating dividend is different the a regular dividend in that the dividend is taxed only to the extend the amount exceeds stock basis.A partner generally recognizes gain on a partnership distribution only to the extent any money (and marketable securities treated as money) included in the distribution exceeds the adjusted basis of the partner's interest in the partnership.Any gain recognized is generally treated as capital gain from the sale of the partnership interest on the date of the distribution.

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