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Which of the following statements is FALSE?   A. A basis adjustment under 734(b) attributable to a partnership distribution is designed to protect the partners who did not receive the distribution from recognizing built-in gains that belong to the distributee partner.   B. In order to determine the correct tax result for payments to a deceased or retired partner, one must first determine the retiring/deceased partner’s share of the fair market value of partnership assets. Unrealized receivables are not considered an “asset” for this purpose if capital is not material income producing factor (such as a law firm).   C. Payments to a retiring partner that compensate the partner for his share of the fair market value of partnership property are treated as guaranteed payments.   D. All of the above statements are TRUE

- October 10, 2022 - Edwin Tunner

Which of the following statements is FALSE?

 

A. A basis adjustment under 734(b) attributable to a partnership distribution is designed to protect the partners who did not receive the distribution from recognizing built-in gains that belong to the distributee partner.

 

B. In order to determine the correct tax result for payments to a deceased or retired partner, one must first determine the retiring/deceased partner’s share of the fair market value of partnership assets. Unrealized receivables are not considered an “asset” for this purpose if capital is not material income producing factor (such as a law firm).

 

C. Payments to a retiring partner that compensate the partner for his share of the fair market value of partnership property are treated as guaranteed payments.

 

D. All of the above statements are TRUE

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