Can a Partner Recognize Both a Gain and a Loss

question 41

Essay

Can a partner recognize both a gain and a loss on the sale of a partnership interest? If so, under what conditions?

---

Definitions:

Minimum Period

The shortest allowable or required duration for a particular action, event, or condition to take place or remain in effect.

Consolidated Omnibus Budget Reconciliation Act

A federal law providing individuals and their families the option to continue health care coverage under their group health plan in certain instances where coverage would otherwise end.

Social Security Act

A law enacted in 1935 to create a system of transfer payments in which younger, working people support older, retired people.

Health Insurance Coverage

A type of insurance that covers the whole or a part of the risk of an individual incurring medical expenses, spreading the risk over many individuals.