Tax Geek Tuesday: Understanding Partnership Distributions, Part II --The Mixing Bowl Rules

I previously posted a Tax Geek Tuesday titled “Understanding Partnership Distributions, Part I.” We spent well over 3,000 words looking at the general rules governing the treatment of partnership distributions, from taxability to basis impact to holding period to the finer points of Section 734 adjustments. At the completion of that post, I included a teaser to “…regroup next week and take a look at the ‘mixing bowl’ rules.” That was in January. Now it’s nearly fall, and the promised Part II of Understanding Partnership Distributions remains elusive.