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Video instructions and help with filling out and completing Where Form 4797 Partnership

Instructions and Help about Where Form 4797 Partnership

Hello and welcome to this session we would in which you would look at distribution from a partnership now you just we have to clarify a few things before we start not every payment between the partnership and the partner is considered a distribution many exchanges between the partner and the partnership that could be there could be in some other form other than distribution such as partnership may pay interest or rent to a partner so the part that might be the owner of a building so they may pay pay them rent or the partner of my lend money might lend money the partnership might make guarantee payment we talked about guarantee payment so those are payments but those are not distribution okay if a mate is treated as a distribution it will be fall under one of two categories either liquidating distribution or a non liquidating distribution depending on whether the partner remains a partner in the partnership after the distribution if after the distribution the partner is gone then it's considered liquidating and we don't have to worry about liquidating for this session we're gonna be doing non liquidating so in this session we're gonna be looking at non look what they think so look what they think partner a liquidating distribution occurred when either the partner itself liquidate so the partnership closes the door and go home and distribute all the property to the partners or the ongoing partnership redeems interest of one of its partners so one of the partners basically retired this is called the liquidating that's not what we are doing in this session we are going to be working with non liquidating distribution and now liquidating distribution is you are gonna be working with is any distribution from a continuing partnership...