Liquidating tax

16-Dec-2015 19:20

liquidating tax-6

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If the partnership distributes property -- anything other than cash and property treated as cash -- during its liquidation, it has no immediate tax effect.

Instead, gain or loss is delayed until you sell the property.

If a price isn’t clearly labeled, customers don’t know whether or not it’s for sale nor for a reasonable price.

Find the new and used prices of every item you’re selling online before the sale, and check again during negotiations.

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Collectibles should be taken to the appropriate collectors for valuation before selling to avoid ripping yourself off.

Initially, your basis is equal to the amount of cash plus your basis -- or cost -- in any property contributed to the business.

Your basis increases and decreases over the years for required adjustments to arrive at adjusted basis -- the amount you'll use to calculate gain or loss after the liquidation.

A loss results when the liquidating distribution is less than the partner's basis in the partnership.

Partners, however, can only take a loss on their returns if it's solely the result of a liquidating distribution of cash, outstanding partnership receivables or inventory items.Therefore, partners who have held an interest in the partnership for more than one year as of the date of a liquidating distribution will pay lower rates of tax on the gain than they do on a partnership's operating profit.

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