Title

Liquidation of the Family Partnership: The Taming of the Shrewd

Publication Title

Practical Tax Lawyer

Document Type

Article

Publication Date

Winter 12-1-2006

Abstract

Family partnerships and family limited liability companies are typically formed for reasons of efficiency, succession, and valuation. But all good things come to an end. Owners of a family partnership opt for liquidation in a variety of situations, usually following the death of the founding owner(s). Although most practitioners recall that the liquidation of a partnership is not a taxable event, few remember that as many as three Code provisions can come into play upon the liquidation of a family partnership. This article reviews those potential income tax traps and uses two examples to illustrate their coordination and application in a typical setting.

Comments

External Links
Westlaw

Recommended Citation

Samuel A. Donaldson, Liquidation of the Family Partnership: The Taming of the Shrewd, Prac. Tax Law., Win. 2006, at 47.

Volume

20

Issue

2

First Page

47

Last Page

52

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