29-337. Limitations on distribution; treatment
as income
A. A partner may not receive a distribution from a limited partnership to the
extent that, after giving effect to the distribution, all liabilities of the limited
partnership, other than liabilities to partners on account of their partnership
interests, exceed the fair value of the partnership assets.
B. Except as otherwise provided in the partnership agreement or the trust
instrument, a distribution to a partner that is a charitable remainder trust as defined
in section 664(d) of the internal revenue code is income for the purposes of title 14,
chapter 7, article 4 to the extent that the value of the partnership interest after
distribution is equal to or greater than its value at the date of contribution of the
partnership interest to the charitable remainder trust. In this section, "internal
revenue code" has the same meaning prescribed in section 43-105.
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