On September 13th, Robert E. McKenzie participated in an IRS panel on the dissolution of business partnerships and marriages.
- Hazards to preparer similar in business breakup and marriage breakup
- Circular 230 provision
- Change in filing status
- When does change take effect
- Annulment vs. divorce
- Relief from joint liability (Form 8857)
- Innocent spouse
- Separation of liability
- Protecting an ex-spouse’s share of refund (Form 8379)
Ending a Partnership
- Dissolution vs. termination
- When is partnership terminated?
- Common Issues
- Sale of partnership interest by partner
- Partnership allocations/loss limitations
- Gain/loss from distributions
- Redemption of partnership interest by partnership
- Liquidation of withdrawing or deceased partner’s interest
- Abandonment of partnership Interest
The Ethics Involved
- Your obligations to the individual partners
- Whom can (or should) you keep as clients?