Asset from liquidating partnerships


29-Oct-2018 18:35

So yuare not subject to FIC taxes to the IRS; Partners in the partnership must pay their own FICA taxes as well as their own income taxes.Some partnerships do run payroll on their own officers but the IRS doesn’t really care for this.

You receive a distribution of K cash and land that has an adjusted basis of K and a fair market value of K.partners on their share of partnership income are considered self-employed for self-employment tax purposes. By beginning capital account was 11k, ending was 26k.I was paid 35k in guaranteed payments and it shows 15k as ordinary income.Because the cash received does not exceed the basis of yourr partnership interestof K, you do not recognize any gain on the distribution.