Course Description: This is an advanced course covering the rules when a partner receives a distribution of cash or other property from a partnership. This course deals with the rules governing both current and liquidating distributions. A current distribution is one made to a partner whose interest in the partnership continues after the distribution. A liquidating distribution is one in which the distribution terminates the partner’s interest in the partnership. This course examines when gain or loss is recognized, basis adjustments of property, and elections to basis adjustments that prevent disparities between inside basis (partnership’s basis in its assets) and outside basis (partner’s basis in the partner’s partnership interest) whenever a partnership distributions is made.
Course Level: Advanced
Course Prerequisites: None
Delivery Method: Self-study
After completing this course you will: