All persons having claims against the estate must exhibit them, properly verified, to the
distributee or his or her attorney within three (3) months from the date of the first publication of this notice or they shall be forever barred and precluded from any benefit of the estate.
In very general terms, section 751(b) recharacterizes certain distributions as taxable exchanges between the partnership and the
distributee partner.
The court found that the taxpayer was a beneficiary of, and entitled to, a distribution from the 403(b) plan and was therefore a
distributee.
At the time a retiring partner relinquishes an interest in [section] 751(b) property, the
distributee partner realizes ordinary income (9) measured by the difference between his or her adjusted basis for the hot assets relinquished and the fair market value of other property received in exchange for the hot assets.
Even if the election is not made, if within two years after death partnership assets are distributed "in kind" to the successor of a deceased partner, the
distributee may adjust basis in the same manner as provided in IRC Section 743(b).
Therefore, VEBA termination can be made prior to age 59-1/2 without subjecting the
distributee to the 10 percent early distribution penalty.
Upon complete liquidation of a limited liability company (LLC) classified as a partnership, a
distributee member generally does not recognize gain unless the cash and the fair market value (FMV) of marketable securities distributed exceed the outside basis in his or her LLC interest (Secs.
On August 13, 2014, an Affidavit for Collection of Small Estate by
Distributee was filed with respect to the estate of Alice Elizabeth Groth, deceased, with the clerk of the probate division of the circuit court of Pulaski County, Arkansas, under Ark.
The former spouse's argument that she was an alternative payee eligible to be treated as the
distributee under a qualified domestic relations order (QDRO) was rejected by the court.
As a general matter, amounts distributed from or paid out of an IRA are generally includable in gross income by the payee or
distributee under IRC Section 408(d)(1).
For any distribution eligible for rollover, an employer plan must offer the
distributee the right to have the distribution made in a direct rollover and, before the distribution, the plan administrator must give the
distributee a written explanation of the direct rollover right and related tax consequences.
IRC section 408(d)(1), however, includes IRA distributions in the gross income of the
distributee.
