Question 1
All of the following are separately stated items that pass through from the partnership to the partners
except◦ 1231 gains or losses.
◦ charitable contributions.
◦ capital gains and losses.
◦ 1245 and 1250 recapture.
Question 2
All of the following statements are true regarding nonliquidating distributions of a partnership
except:
◦ If money is distributed in excess of the partnership interest, the partner receiving the distribution has capital gain.
◦ In no circumstances will the partner or the partnership recognize gain or loss from a nonliquidating distribution.
◦ In no circumstances may the partner's basis in the partnership interest be reduced below zero as a result of a nonliquidating distribution.
◦ If, after money distributions reduce the partnership basis, the adjusted basis of distributed property does not exceed the partner's basis in the partnership interest, the basis of the distributed property carries over to the partner.
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