Term
| What date and form must partnerships file |
|
Definition
|
|
Term
| What is the tax year for partnerships |
|
Definition
1-same as partners
2-same as principal partners (5%)
3-calendar year
4-fiscal year (9/30,10/31,11/30 only) |
|
|
Term
| Separately reported items |
|
Definition
LT & ST capital gains/losses
charitable contributions
dividend income
foreign taxes paid
taxable income (loss) |
|
|
Term
| Partner's basis in partnership when property is exchanged for interest |
|
Definition
+Amount $$ contributed
+Adjusted basis of property contributed net of associated liabilities
+Gain, if any
+partner's share of liability assumed |
|
|
Term
| Partnership's basis in property received in exchange for interest |
|
Definition
+Partner's basis
+Gain recognized by partner |
|
|
Term
| Basis of property distributed to a partner: nonliquidating |
|
Definition
| Basis to partnership prior to distribution |
|
|
Term
| Basis of property distributed to a partner: liquidating |
|
Definition
| partner's basis reduced by cash received |
|
|
