User talk:AmirK

From TaxAlmanac

Gift Tax Return Adequate Disclosure

If you'll send me an email, I'll email the disclosure statement that I use. DaveFogel 17:19, 28 June 2010 (CDT)

Purchase of LLC interest

Thank you for your help. Much appreciated. As I understand from the link you have provided the entity can just continue as it is (with the old tax ID number and all) right? Would this be the issue if ALL of the partnership interests are being transferred to unrelated parties?

The reason they are pursuing this is 1- Mortgage (property already is mortgaged, they will not have to change anything)2-Closing costs and transfer tax (Here in NJ we have a transfer tax which is basically robbery :) )

Thank you very much.

Deficit restoration question

Hi Amir,

I was researching "partnership distributions in excess of basis" and came across a discussion from August 2009 that you responded to as follows:

"As Derwood said, you have to check out for liabilities. Then determine if what kind of liabilities the partnership has; recourse, non-recourse or Qualified non-recourse to figure out if the partner was at-risk or not. Last, some partnership agreements have a negative capital account restoration clause which will require the partner to restore their capital, that clause allows the partner's capital account to go negative without triggering the gain recognition."

I am trying to find a citation that would indicate that gain recognition is avoided (I am assuming by the partner) by having a deficit restoration clause in the partnership agreement. However, I am having trouble. I have a case where distributions are in excess of basis and have caused a negative capital balance. Do you know of anything off-hand. Thanks for your help.

Howardlcpa 15:28, 23 July 2013 (UTC)

Deficit restoration question

Hi Amir,

I was researching "partnership distributions in excess of basis" and came across a discussion from August 2009 that you responded to as follows:

"As Derwood said, you have to check out for liabilities. Then determine if what kind of liabilities the partnership has; recourse, non-recourse or Qualified non-recourse to figure out if the partner was at-risk or not. Last, some partnership agreements have a negative capital account restoration clause which will require the partner to restore their capital, that clause allows the partner's capital account to go negative without triggering the gain recognition."

I am trying to find a citation that would indicate that gain recognition is avoided (I am assuming by the partner) by having a deficit restoration clause in the partnership agreement. However, I am having trouble. I have a case where distributions are in excess of basis and have caused a negative capital balance. Do you know of anything off-hand. Thanks for your help.