IRS Practice Unit: Distributions Upon Liquidating a Partner’s Interest in a Partnership (IRC §731)

Distributions in liquidation of a partnership interest, the IRS Large Business and International Concept Unit outlined in a practice unit released April 2. The computation of gain or loss from liquidating distributions of a partnership interest consisting of cash, property, or a combination of assets including cash and property is explained, the IRS stated. The exceptions to the regular distribution rules under tax code Section 731 and Section 732(b) are not covered, the IRS noted. [IRS Practice Unit Liquidating Distributions of a Partner’s Interest in a Partnership (last update Mar. 23, 2021)]

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