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DTSTAMP:20260623T161552Z
DTSTART:20261027T190000Z
DTEND:20261027T204000Z
SUMMARY: Don Farmer's Hot Assets & IRC 751: Avoiding Surprises on PartnershipSales
DESCRIPTION: Sales of partnership interests can trigger unexpected ordinary income when "hot assets" under IRC &sect\;751 are involved. Many practitioners focus on capital gain treatment under IRC &sect\;741\, only to discover that unrealized receivables and inventory items require recharacterization of a portion of the gain as ordinary income.
This focused 2-hour program provides a practical and technical review of IRC &sect\;751 and its application to partnership interest sales and certain distributions. Participants will examine the definition of hot assets\, the mechanics of ordinary income recharacterization\, and the calculation of a partner's share of unrealized receivables and inventory. The course also addresses common pitfalls\, planning considerations\, and documentation strategies to avoid costly surprises for clients.
Through examples and case-based discussion\, attendees will gain clarity on how to identify &sect\;751 property\, compute the ordinary income component of a sale\, and properly report partnership interest transactions.
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