Table of Contents
1 Cover
2 Chapter 1: Overview: Basic Tax Structure of Partnerships and LLCs What is a partnership for federal income tax purposes? Partnerships versus other entities Electing to be taxed as a partnership: The “check-the-box” rules Overview of the basic framework of partnership taxation Partnership operations Notes
3 Chapter 2: Tax Consequences of Partnership or LLC Formation Determination of basis Effect of entity operations Effect of liabilities Partnership interests obtained for services Transfer of a capital interest Transfer of a profits interest Lessons for tax advisers Notes
4 Chapter 3: Partnership Distributions Introduction Liquidating distributions: Proportionate Sale of distributed property Section 736: Death or retirement of a partner from professional services partnerships or LLCs Notes
5 Chapter 4: Compensatory Payments to Partners Introduction Self‐employment income of partners Proposed regulations concerning limited partners' self‐employment income Notes
6 Chapter 5: At‐Risk and Passive Activity Limits Overview Basis and at‐risk limitations Gross income from passive activities Passive activity deductions Who is subject to the passive loss limitations? What are passive activities? Rules of application Grouping activities Notes
7 Chapter 6: Overview of Profit and Loss Allocations: General Rules and Restrictions Introduction Section 704(b): Allocations must have “substantial economic effect” Allocations with respect to contributed property: Section 704(c)(1)(A) Notes
8 Chapter 7: Reporting Taxable Income for Partnerships and LLCs Overview: Partnership tax return General tax payment and reporting scheme Form 1065: Income Form 1065: Expenses Schedules K and K‐1 Interpreting Schedule K‐1 Notes
9 Appendix A: SAMPLE PARTNERSHIP TAX RETURN Facts and financial data
10 Tax Glossary
11 Index
12 Solutions Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7
Guide
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2 Table of Contents
Pages
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