Your Client Owns a Parcel of Land That Has Depreciated

question 23

Essay

Your client owns a parcel of land that has depreciated in value. He wants to know if there is a way he can contribute the property to his partnership, have the partnership sell the property, and convert the existing capital loss into an ordinary loss. He also wants to know if part of the loss would be allocated to his other partners. What is your reaction?

---

Definitions:

Medical Paralegals

Specialized paralegals who focus on legal issues related to healthcare, including medical malpractice and personal injury cases.

Medical Aspects

The health-related components or considerations of a condition, situation, or subject of study.

Legal Claims

Assertions of legal rights or demands for relief, damages, or enforcement in a legal setting.

Geographic Location

The specific physical place or position of something on the earth's surface, determined by coordinates.