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How debt is allocated to the partners in a partnership is important. It dictates how much money may be taken tax-free as a distribution, the losses that flow down to the partners, and the gain or loss on the sale of a partnership interest. However, the allocation of debt can differ depending on the type of debt it is and the type of partner we are talking about. Furthermore, 704(c) can complicate things. And what in the world is a constructive liquidation scenario? In this course, we will tackle the concept of debt allocations – how you do it, what it means, and why you do it.
Tax practitioners who are looking to improve their knowledge of debt allocations and how they affect a partner’s tax basis Prerequisite
Working knowledge of fundamental partnership tax concepts Advance Preparation
None IRS Approved
Yes CFP Approved
No YellowBook Approved
No
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