Alan’s presentation was designed to alert accountants to a variety of tax traps involving partnerships and their partners, whether from an advisory or return preparation standpoint. Specific topics included: (i) confusion regarding profit and loss allocations; (ii) how to allocate “built-in gain” in contributed property and maximize depreciation and amortization benefits; (iii) hazards involving partnership “tax distributions”; (iv) “termination” of a partnership resulting from a 50% shift in ownership; and (v) misconceptions regarding partnership like-kind exchanges.
12.5.2014