Partnership liquidating distribution marketable securities


09-Nov-2019 18:39

The partner assigns a basis to the security received in the distribution following the standard ordering rules.

partnership liquidating distribution marketable securities-7

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If this distribution were made, Chuck would acquire a ,000 basis in the distributed IBN-TELco stock, which is the sum of the ,000 basis he would have acquired under the general rules for determining the basis of distributed properties in a liquidating distribution plus the ,000 gain recognized because the securities were marketable. Thorsen, published by Practitioners Publishing Company, Fort Worth, Tex., 1999. Because of this "marketable securities equals money" rule, if Chuck wants to avoid gain recognition on the distribution, his tax adviser should suggest the parties consider distributing another mix of assets.



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