A property distribution from a partnership to a partner is generally taxable to the partner.

Name: A property distribution from a partnership to a partner is generally taxable to the partner.
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In general, property distributions from a partnership to a partner are not taxable events. Instead, the partner's basis in the partnership interest is adjusted by the distribution. However, there are exceptions, such as when the distribution exceeds the partner's basis in the partnership.

A Property Distribution from a Partnership to a Partner Is