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in Revenue Ruling 84 - 111 situation 1 a partnership converted to a corporation in what is sometimes referred to as an assets over conversion in the conversion first the partnership formed a corporation and contributed all of its assets and liabilities into the new corporation in exchange for shares of the new corporation next the partnership distributed the shares of the new corporation to the partners in exchange for the partners interests in the partnership in the end the former partners in the partnership are now shareholders in the corporation generally no gain or loss is recognized on a conversion of a partnership to a corporation however if liabilities exceeded tax basis then gain may be recognized under Section 357 C [Music]