The U.S. IRS has updated practice units on certain issues concerning partnerships, including: Liquidating Distributions of a Partner's Interest in a Partnership, which explains the tax implications for partners receiving such distributions, including the recognition of gain or loss, basis allocation of assets received, and the character of any gain recognized; Partner's Outside Basis, which outlines the process for determining a partner's outside basis in a partnership using various methods; and Recourse vs. Nonrecourse Liabilities, which explains the tax implications of recourse and nonrecourse liabilities within partnerships, including how they impact a partner's outside basis. Click the following link for...