Practical Guide to Partnerships and LLCs (3rd Edition) |
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- In the book's first part focused on preliminary considerations, the basic underpinnings are presented covering key areas such as the "check the box" rules, "anti-abuse" rules, investment joint venture rules, the application of partnership taxation to LLCs, liability issues, passive loss limitations, audit issues, self-employment taxes, IRS classification, tax year and accounting method selection, and much more.
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- The second part of Partnerships and LLCs: Tax Practice and Analysis looks at property contributions and disguised sales, transactions between partner and partnership, and formation and start-up expenses. A special summary table for the tax treatment of pre-opening expenses is included.
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- Next, the central core of the book explains the taxation of operations including partnership income rules, the pass-through concept, and the partner's share of income and debt. Specific rules, reporting and compliance issues are thoroughly addressed. Form 1065 and schedules L, M-1, M-2, K and K-1 are also explained.
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- Part four covers partner's share of partnership debt, while disposition of a partnership interest is the subject of the fifth part of Partnerships and LLCs: Tax Practice and Analysis. This section covers the amount and character of the seller's gain or loss, sales of partnership interest when the partnership holds ordinary income property and the effect of sale of partnership interest on the partnership. The final part covers distributions, including nonliquidating, liquidating, special distribution exceptions, and disproportionate distributions. This section also includes coverage of the death or retirement of a general partner and special rules for service partnerships.
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