Liquidating limited partnerships

Dissolved Company Assets: Once a company has been dissolved, the assets of the dissolved company become State property.

Stated differently, think of a partnership as a zero sum entity.

R first reduces his ,000 outside basis by the ,000 cash distribution.

His remaining ,000 of basis in his LLC interest becomes his basis in the distributed real property (Sec. Z does not recognize any gain on the distribution although the FMV of the property R receives (,000) exceeds its ,000 Example 2.

A company can be dissolved either through liquidation or through the strike-off process.

Please also find links to information on Examinership and Receivership.

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