Tax aspects of real estate partnerships: workouts and foreclosures
Article Abstract:
The difference between debt reductions and foreclosures or deed-in-lieu of foreclosure and their effects on partnerships with regard to Section 108 of the Internal Revenue Code must be understood to identify taxable income. Usually, foreclosure of debt results in taxable income while debt reductions, depending on the solvency of each partner, may result in taxable income. If the details of a debt are modified, it will be treated as a new debt which may or may not be taxed.
Publication Name: Real Estate Accounting & Taxation
Subject: Real estate industry
ISSN: 0897-0262
Year: 1992
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Tax aspects of real estate partnerships: workouts and foreclosures - part 2
Article Abstract:
The intricacies of partnership real estate debt workouts require that persons dealing in real estate partnerships should be knowledgeable about the tax aspects of deeds and foreclosures and the various rules regarding sharing of partnership liabilities. It is probable that the partners' expertise may mean a cancellation of indebtedness (COD) income or debt reduction which could mean a further distribution of money to the partners.
Publication Name: Real Estate Accounting & Taxation
Subject: Real estate industry
ISSN: 0897-0262
Year: 1992
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Reducing property taxes
Article Abstract:
Real estate developers and owners are trying to discover several methods to enhance profits and minimize losses due to the distressed economy. Real estate and property taxes provide the single biggest expense in real estate business. Operators, lessors, operators and real estate developers and owners are presented with three methods wherein they can diminish their tax obligations.
Publication Name: Real Estate Accounting & Taxation
Subject: Real estate industry
ISSN: 0897-0262
Year: 1993
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