News & Analysis as of

Business Taxes Abandonment

Farrell Fritz, P.C.

“Abandonment Of A Partnership Interest,” Or “When A Taxpayer Rejects Its Tax Return Position”

Farrell Fritz, P.C. on

“Disposing” of a Partnership Interest- If the amount realized by a taxpayer upon the sale of a partnership interest to a third party is insufficient to restore to the taxpayer his adjusted basis for the interest – i.e.,...more

Lowndes

Should You Abandon An Underperforming Partnership?

Lowndes on

Good news for taxpayers who have, or who are considering, abandoning an interest in an underperforming partnership. Earlier this week the Fifth Circuit overturned the Tax Court’s 2013 decision in Pilgrim’s Pride, clearing...more

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