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Instead, the liability reduces the amount realized by the shareholder.

If the property distributed is worth less than the amount of the liability itself, the FMV of the property is treated as no less than the amount of the liability (Sec. The assumption of a contingent or unknown liability is disregarded in determining the property’s FMV. A corporation, whether it uses the cash or accrual basis, may have earned income that it has not collected before the liquidation takes place.

The Instructions for Form 8990, Limitation on Business Interest Expense Under Section 163(j), explain when a business interest expense deduction is limited, who is required to file Form 8990, and how certain businesses may elect out of the business interest expense limitation. The Internal Revenue Service is a proud partner with the National Center for Missing & Exploited Children® (NCMEC).

Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank.

The TMP has been replaced with partnership representative for partnership tax years beginning after 2017. See section 1441 or 1442 of the Internal Revenue Code. A partnership may also have to withhold on withholdable payments that it makes to a foreign entity.

It supplements the information provided in the Instructions for Form 1065, U. Return of Partnership Income, and the Partner's Instructions for Schedule K-1 (Form 1065).

Generally, a partnership doesn't pay tax on its income but "passes through" any profits or losses to its partners.

Shareholders that do not have a strong preference on whether distributions in 2012 are taxed as dividends or capital gain/loss may prefer sale or exchange (capital) treatment in 2012 if they: Shareholders that assume corporate liabilities or receive property subject to corporate liabilities take the liabilities into account in computing their gain or loss.

They do not increase their basis in the property received on liquidation because doing so would give them a double tax benefit.

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But if the amount of the receivable that the shareholder ultimately collects differs from the amount that the corporation distributed, the shareholder recognizes gain or loss for the differences in the amounts reported and collected. Observation: The current reduction of the maximum tax rate on capital gains and on qualifying dividends to 15% through 2012 somewhat mitigates the traditional preference for a sale or exchange transaction (e.g., a Sec. However, under current law, distributions made after 2012 will be taxed at higher capital gain and dividend rates.

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