Valuation of partner's interest: prescribed stepwise method for allocating net industrial undertaking assets was previously set out and then omitted. Prior to its omission, the rule prescribed a stepwise method to value a partner's or member's interest in assets of an industrial undertaking: determine asset value as if owned by the assessee; deduct debts of the firm secured on or incurred for those assets; allocate up to the amount of firm capital among partners by capital contribution proportion; allocate any residue according to dissolution distribution agreement or profit sharing proportions; and aggregate allocations to arrive at the partner's or member's interest.
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Provisions expressly mentioned in the judgment/order text.
Valuation of partner's interest: prescribed stepwise method for allocating net industrial undertaking assets was previously set out and then omitted.
Prior to its omission, the rule prescribed a stepwise method to value a partner's or member's interest in assets of an industrial undertaking: determine asset value as if owned by the assessee; deduct debts of the firm secured on or incurred for those assets; allocate up to the amount of firm capital among partners by capital contribution proportion; allocate any residue according to dissolution distribution agreement or profit sharing proportions; and aggregate allocations to arrive at the partner's or member's interest.
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