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• W17531954 abstract "IRC section 721 (a) says a partnership or of its partners will not have to recognize gain or loss for contributing property to the entity in exchange for a partnership interest. Such a capital contribution increases a partner's basis. IRC section 752(a) says any increase in a partner's share of the liabilities of a partnership, or increase in a partner's individual liabilities by reason of the assumption by such partner of partnership liabilities, shall be considered as a contribution of money by such partner to the Likewise section 752(b) says a decrease in a partner's share of partnership liabilities is considered a distribution to that partner. In a recent case the court held that a substantial payment a limited partner made when abandoning a partnership interest was taxable income rather than a capital contribution. MAS One Limited Partnership was formed in Ohio as a limited partnership to own and operate an office building in Florida. The sole general partner was MAS One Generals. The sole limited partner was the Midland Mutual Life Insurance Co. In 1989 MAS One amended its limited partnership agreement to expand the partnership's purpose to include constructing and operating a second office building, Clearwater Tower. MAS One borrowed $14.5 million from Huntington National Bank to fund construction. Midland Mutual executed two guarantee agreements associated with the Tower debt. In the first Huntington required Midland to repay $2.5 million of the principal upon substantial completion of the building. The second agreement was a debt service guarantee of all interest payments for the life of the loan. In 1994 Midland decided to demutualize and become a stock company. It sought to divest itself of its investment in MAS One. The debt service agreement, however, made it difficult for the insurer to withdraw from the partnership. Midland's negotiations with the debt holder to terminate the agreement were unsuccessful. It then orchestrated a plan through which the partnership would sell Clearwater Tower, credit the proceeds toward the loan balance and Midland would pay outstanding balance after the sale. Midland abandoned its interest on December 28, 1994. The next day MAS One sold the Clearwater Tower for $4.1 million, with the proceeds going directly to service the debt. On the same date Midland paid the lender $8,388,824.47--the remaining balance on the office building loan. On December 27, 1994, 1105 Corp. had purchased a 1% interest in MAS One. The parties amended the partnership agreement to continue Generals as the sole general partner with a 98% interest while 1105 Corp. would be a 2% limited partner. 1105 Corp. contributed $10 with no future obligation to contribute capital. On its 1994 form 1065 income tax return, MAS One claimed a $7. …" @default.
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• W17531954 date "2004-02-01" @default.
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• W17531954 title "Departing Partner's Debt Service Payment Income to Partnership" @default.
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