Literally Too Good To Be True-IRS Memorandum on Partnership Transaction

Published: Jan. 20, 2007, 2:43 a.m.

b'This week we look at an IRS memorandum that argues against the position taken by a taxpayer arguing that his transaction literally complies with Section 731 and 732.\\xa0 The IRS argued that the transaction, which involved the partnership acquiring a residence for the partner to redeem his interest, actually represented the equivalent of a distribution of cash followed by the purchase of the house--a transaction that would have triggered a significant taxable gain.

The materials for this podcast can be downloaded from http://edzollars.com/2007-01-20_Literally_Too_Good.pdf .

The podcast is sponsored by Leimberg Information Services, located on the web at http://www.leimbergservices.com.
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