Practical Guide to Partnerships and LLCs (4th Edition), by Robert Ricketts and Larry Tunnell, discusses the complex issues involving partnership taxation with utmost clarity. It uses hundreds of illustrative examples, practice observations, helpful charts and insightful explanations to make even the most difficult concepts understandable. The book reflects the authors' penchant for communicating the pertinent facts in very direct language and creating a context for understanding the multifaceted issues and applying them to practice.

This new edition fully reflects all the latest developments in this complex area. These include changes affecting:

• Partnership basis adjustments
• Transfers to partnerships of property with built-in losses
• Sale of an interest in a partnership with built-in loss property
• Disproportionate distributions from partnerships with built-in loss property
• Expensing and amortization of partnership organizational expenses
• Partnership treatment of the deduction for domestic production activities
• Recognition of cancellation-of-indebtedness income, and more

The detailed and substantial coverage in the text is enhanced by the abundant illustrations and special aids to understanding, such as flowcharts, offered throughout. Practical Guide to Partnerships and LLCs should find a welcome place with all tax practitioners.

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