Rev. Rul. 60-345
Rev. Rul. 60-345; 1960-2 C.B. 211
- Code Sections
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- Tax Analysts Electronic Citationnot available
Revoked by Rev. Rul. 88-77
The taxpayer is a member of a partnership which uses the cash receipts and disbursements method of accounting. At the close of the partnership taxable year, there were outstanding partnership liabilities for the payment of certain trade accounts, notes, and accrued expenses, which liabilities were not recorded on the partnership books because of the method of accounting employed. Held , in computing the adjusted basis of taxpayer's interest in the partnership, for the purpose of determining the extent to which his distributive share of the partnership's loss for such year may be allowed under section 704(d) of the Internal Revenue Code of 1954, the term `liabilities,' as used in section 752 of the Code, includes the partnership's obligations for the payment of outstanding trade accounts, notes, and accrued expenses, whether or not recorded on the partnership books under its accounting method.
- Code Sections
- LanguageEnglish
- Tax Analysts Electronic Citationnot available