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UID:165415cf
DTSTAMP:20260619T230249Z
DTSTART:20261027T180000Z
DTEND:20261027T194000Z
LOCATION: Online
SUMMARY: Don Farmer's Hot Assets & IRC 751: Avoiding Surprises on Partnership Sales
DESCRIPTION: Sales of partnership interests can trigger unexpected ordinary income when "hot assets" under IRC §751 are involved. Many practitioners focus on capital gain treatment under IRC §741\, only to discover that unrealized receivables and inventory items require recharacterization of a portion of the gain as ordinary income.This focused 2-hour program provides a practical and technical review of IRC §751 and its application to partnership interest sales and certain distributions. Participants will examine the definition of hot assets\, the mechanics of ordinary income recharacterization\, and the calculation of a partner’s share of unrealized receivables and inventory. The course also addresses common pitfalls\, planning considerations\, and documentation strategies to avoid costly surprises for clients.Through examples and case-based discussion\, attendees will gain clarity on how to identify §751 property\, compute the ordinary income component of a sale\, and properly report partnership interest transactions.
CLASS:PUBLIC
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