Tax liens and levies involving partners: will a partnership's assets be attached?

Article Abstract:

A debt incurred by the partnership demands that individual partners are accountable to settle. Assets of the partnership are subject to liens as provided in Sections 6321 and 6303. This section designs a federal tax lien that includes interest, unpaid taxes, additions to tax and other applicable penalties. All partners given notice of tax liability are bound to settle and if unable to do so, all are mutually liable to pay the taxes incurred by the partnership.

Tax Administration, Analysis, Tax liens

---

Obtaining an abandonment on worthlessness deduction for a partnership interest

Article Abstract:

Getting an abandonment or worthlessness deduction for a partnership interest should be taken as option for a party of a financially troubled partnership. This move may result to income from tax savings. However, obtaining this benefit depends on whether the liabilities of the partnership are allocable to the party concerned; whether the liabilities are discharged or assumed by others; and, whether the liabilities are recourse.

Tax Deductions & Exemptions, Methods, Tax deductions, Liquidation, Business losses

---

Similar abstracts:

• Abstracts: Retirement costs both departing and remaining partners. Partners can control tax effects of retirement payouts
• Abstracts: Leveraged equipment leasing retains its tax advantages, but a taxpayer must be at risk. Safe harbors for valuation freeze arrangements contain planning opportunities
• Abstracts: The limited partnership: an ideal vehicle for start-up ventures
• Abstracts: Strong brands stick out in crowd: in a clutter market, positive associations make the difference
• Abstracts: Discount window borrowing across Federal Reserve districts: evidence under contemporaneous reserve accounting

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.