IRS practice units: Partnership liabilities, outside basis, and liquidating distributions; partial disposition of a building
Five LB&I practice units covering partnerships and deductible and capital expenditures
The IRS Large Business and International (LB&I) division today released five “practice units”—part of a series of IRS examiner “job aides” and training materials intended to describe for IRS agents leading practices about tax concepts in general and specific types of transactions:
- Recourse vs. Nonrecourse Liabilities (referred to as a “concept unit”)
- Partner’s Outside Basis (“process unit”)
- Liquidating Distributions of a Partner’s Interest in a Partnership (“transaction unit”)
- Identifying a Taxpayer Electing a Partial Disposition of a Building (“process unit”)
- Examining a Taxpayer Electing a Partial Disposition of a Building (“process unit”)
The practice units are all dated February 4, 2025, and are available on the IRS practice unit webpage.