DESCRIPTION

In this module, we discuss the tax rules for when a partner contributes noncash property to a partnership. Emphasis is given to the concepts of pre-contribution gain and property encumbered by debt. The instructor-led discussion is reinforced by several exercises.

LEARNING OBJECTIVES

  • Discuss the general rules for contribution of assets to a partnership under IRC 721 and IRC 724.
  • Explore the concept of pre-contribution gain (or loss).
  • Discuss the rules for contributions of debt and property encumbered by debt.

Prerequisites

3+ Years Professional Experience

Advanced Preparation

None

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