What Really Happens When Partners Die?

Description

They say the only certainties in life are death and taxes. If that has always been true, then why do we know so little about what really happens when a partner dies? This presentation unveils the real truth about the “step-up” in basis when a partner dies and what’s left behind for the partnership and its partners. It will discuss planning opportunities before and after death, pitfalls to avoid, and unanswered questions, with a focus on “negative basis” and “negative capital” assets.

Learning Objectives

Attendees will learn about the income tax consequences when an individual owning (or deemed to own) a partnership interest dies. It requires an attendee who understands the basics of partnership taxation. The presentation will discuss the step-up in outside basis, the inside basis adjustment, and deemed transfers of partnership that are not entitled to a basis adjustment at death.