Abandonment of partnership interests.: An article from: The Tax Adviser

This digital document is an article from The Tax Adviser, published by American Institute of CPA's on February 1, 1993. The length of the article is 1679 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: Abandoning interest in a partnership which owns real property operating at a loss may result in either a regular or capital loss depending on how the interest was abandoned. Receipt of consideration at the time of abandonment qualifies the loss as capital rather than regular. The taxpayer is also liable for cancellation of debt income if the debt which attaches to the partnership and allowed the loss is forgiven at a later date. Two recent cases which exemplify this process are presented.

Citation Details
Title: Abandonment of partnership interests.
Author: Jerry S. Williford
Publication:The Tax Adviser (Magazine/Journal)
Date: February 1, 1993
Publisher: American Institute of CPA's
Volume: 24 Issue: n2 Page: 97(3)

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