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![handle is hein.ali/aliftp0415 and id is 1 raw text is: THIS DRAFT IS PRIVATE AND CONFIDENTIAL
PUBLIC DISCLOSURE IS PROHIBITED*
(Not to be sold, offered for sale, or otherwise published)
The American Law Institute
FEDERAL INCOME TAX PROJECT
[SUBCHAPTER K]
Tax Advisory Group Draft No. 4
Subjects Covered:
Closing of Partnership Taxable year for a Deceased Partner (§706(c)); Like-
Kind Exchanges of Partnership Interests; Adjustments to the Basis of Part-
nership Assets (§§734, 743, 754 and 755); Restrictions on Loss Recognition
under §707(b)(1); Ordinary Income Treatment on Certain Sales Between
Partners and Partnerships (§707(b)(2)); Timing of Corresponding Items of
Income and Deduction (§§267 and 706(a))
ibmitted to the Tax Advisory Group for consideration at Its Meeting on November 15 (at 10:00 a.m.'
16, and 17, 1979 at the Capital Hilton, Washington, D.C.
October 25, 1979
The Executive Office
THE AMECAN LAW INSTITUTE
4025 Chestnut Street
Philadelphia, PA 19104
*This is a preliminary draft submitted on a private and confidential basis to a limited group for the sole
purpose of study and criticism. It has not been promulgated or approved by the Council or the
members of The American Law Institute.
As an unpublished document intended for internal use, this draft should not be generally circulated or
distributed, nor should it be quoted from or cited or its substance disclosed in any public address or
writing.](ViewImageLocal?handle=hein.ali/aliftp0415&div=1&collection=&method=preview&ext=.png&size=3)