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Discussion Question 11-6(LO.9) What tax consequences result from the death of a partner? What...

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Accounting

Discussion Question 11-6(LO.9)
What tax consequences result from the death of a partner? What collateral issues might arise?
a. Complete the paragraph below regarding the tax consequences from the death of a partner.
If a partner dies, the partnership .
allocated. Post-death
that partner. The partner's pre-death share of .
is allocated to
is then
b. Considering the collateral issues that may arise from the death of a partner, indicate which of the following is a collateral issue "Yes" or is
not "No".
The basis to the successor in interest is determined according to the treatment of the
partnership interest in the decedent's estate return.
A pre-existing agreement may force a sale of the interest to the other partners.
If the partnership has a 754 election in effect, the adjustment will be under
743(b) if it relates to a transfer by will or if it is a transfer treated as a sale under a
buy-sell agreement and will be allocated to all partners.
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