Partnership Exits: Basis, Liabilities, and Hot Assets
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Partnership Exits: Basis, Liabilities, and Hot Assets
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Jeremy closes out his partnership series by tackling outside basis, how partnership liabilities affect that basis, and what happens when a partner exits. Using a case study of two LLC members with mounting losses, he walks through abandonment, a buyout by the remaining partner, a partnership redemption, and a sale to a third party, comparing the tax results of each. He also covers Section 751 hot assets and why unrealized receivables and appreciated inventory can turn part of a capital gain into ordinary income.
Sponsors
Thomson Reuters - http://taxshow.promo/taxautomation
- (00:00) - Series Wrap and Big Topics
- (01:43) - Case Study Setup Lighthouse LLC
- (03:29) - Outside Basis Basics
- (07:39) - Tracking Basis and Proof
- (13:36) - Loss Limits and Suspensions
- (19:53) - Basis Ordering and Distributions
- (26:01) - Liabilities Under Section 752
- (32:33) - Recourse vs Nonrecourse Debt
- (37:49) - Excess Distributions and Exits
- (40:34) - Abandonment and Hot Assets
- (46:56) - Jessica Exit Options Compared
- (55:55) - Key Takeaways and Next Series
Connect with Jeremy
https://www.linkedin.com/in/jwellstax
https://www.steadfastbookkeeping.com
Subscribe on YouTube
https://www.youtube.com/@TaxinAction
Earn CPE for Listening to This Podcast
https://www.earmark.app/
This podcast is a production of Earmark Media
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