https://www.taxtmi.com/news?id=23899 A new deemed transfer rule treats capital assets or stock-in-trade received by a partner/member from a specified entity on dissolution or reconstitution as a deemed transfer by that entity; resultant profits or gains are assessable as the specified entity's income in the year of receipt, with fair market value on the date of receipt deemed to be full consideration. A separate reconstitution provision taxes money or assets received by a specified person as income of the specified entity under capital gains, computed by a statutory formula (A = B + C + D) defining A as chargeable income, B as money received, C as fair market value of assets received, and D as capital account balance, subject to prescribed adjustments and exclusions. en-us Thu, 25 Mar 2021 11:44:30 +0530 Thu, 25 Mar 2021 11:44:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=23899 A new deemed transfer rule treats capital assets or stock-in-trade received by a partner/member from a specified entity on dissolution or reconstitution as a deemed transfer by that entity; resultant profits or gains are assessable as the specified entity's income in the year of receipt, with fair market value on the date of receipt deemed to be full consideration. A separate reconstitution provision taxes money or assets received by a specified person as income of the specified entity under capital gains, computed by a statutory formula (A = B + C + D) defining A as chargeable income, B as money received, C as fair market value of assets received, and D as capital account balance, subject to prescribed adjustments and exclusions. News - Thu, 25 Mar 2021 11:44:30 +0530 https://www.taxtmi.com/news?id=23899