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Partnership Taxation By Ryan Pace

Partnership Taxation by Ryan Pace

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Summary

Addresses issues regarding the formation, operation, and liquidation of entities taxed as partnerships. In particular, the book covers topics such as contributing property and services to a partnership, determining a partner's tax basis in the partnership, selecting a partnership's taxable year, computing a partnership's taxable income, and more.

Partnership Taxation Summary

Partnership Taxation by Ryan Pace

Understanding the taxation of partnerships and partners is a critical component of successful tax consulting. The popularity of limited liability companies as the most common entity-of-choice for new businesses requires tax consultants to have a strong handle on Subchapter K of the Internal Revenue Code.

Partnership Taxation addresses important issues regarding the formation, operation, and liquidation of entities taxed as partnerships, including general partnerships, limited partnerships, LLPs, LLLPs, and LLCs. In particular, this text covers topics such as contributing property and services to a partnership, determining a partner's tax basis in the partnership, selecting a partnership's taxable year, computing a partnership's taxable income, identifying separately-stated items, understanding the substantial economic effect requirement, handling nonliquidating and liquidating distributions, selling partnership interests, among other topics.

This text includes review problems at the end of each chapter to strengthen the reader's understanding of important concepts and the application of the law to particular transactions. Selected court cases are also included so that the reader has opportunity to study a court's analysis of particular issues involving partnerships. Ultimately, after studying this text, the reader should have a valuable understanding of the taxation of partnerships and partners.

Table of Contents

  • About the Author
  • PART I PARTNERSHIP FORMATION
  • Chapter 1 Selecting a Business Entity
  • A. Sole Proprietorship
  • B. General Partnership
  • C. Limited Partnership
  • D. Limited Liability Partnership
  • E. Limited Liability Limited Partnership
  • F. Limited Liability Company
  • G. Corporation
  • H. Tax Treatment of Business Entities under the Check-the-Box Regulations
  • I. Qualified Joint Ventures between Married Persons
  • J. Obtaining an Employer Identification Number (EIN)
  • Chapter 2 Transfer of Property to a Partnership
  • A. Nonrecognition of Gain or Loss
  • B. Partner's Initial Tax Basis in Partnership Interest
  • C. Partner's Holding Period in Partnership Interest
  • D. Partnership's Initial Tax Basis in Partnership Assets
  • E. Special Rules Relating to Character of Property Contributed
  • F. Partnership's Holding Period in Partnership Assets
  • G. A Partner's Capital Account
  • H. Contribution of Depreciable Assets
  • I. Exception to Nonrecognition: Investment Companies
  • J. Partnership Formation Example
  • Chapter 3 Transfer of Services to a Partnership
  • A. Performing Services in Return for Property in General
  • B. Performing Services in Return for an Interest
  • in the Partnership
  • 1 . Tax Treatment to the Partner
  • 2 . Tax Treatment to the Partnership
  • 3 . Examples
  • C. Special Rule Relating to Substantially Nonvested Profits Interests Received by a Partner in Return for the Performance of Services
  • Chapter 4 Other Partnership Formation Issues
  • A. Taxable Year
  • B. Method of Accounting
  • C. Costs Related to Partnership Formation
  • D. Electing Out of Subchapter K
  • PART II PARTNERSHIP OPERATIONS
  • Chapter 5 Ordinary Business Income and Loss, Separately Stated Items, and Adjustments to Outside Basis
  • A. Pass-Through Nature of a Partnership
  • B. Partnership Ordinary Business Income
  • C. Separately Stated Items
  • D. Nature of Partnership Reporting (IRS Form 1065)
  • E. Adjustments to a Partner's Outside Basis Due to Partnership Operations (Excluding Liabilities)
  • F. Example
  • G. Adjustments to a Partner's Outside Basis Due to Partnership Liabilities
  • H. Partnership Interest Created by Gift
  • Chapter 6 Limitations on Partnership Losses Deductible by Partners
  • A. Outside Basis Limitation
  • B. At-Risk Loss Limitation
  • C. Passive Loss Limitation
  • Chapter 7 Guaranteed Payments and Other Nondistribution Transactions between Partners and the Partnership
  • A. Guaranteed Payments
  • B. Other Nondistribution Transactions between Partners and the Partnership
  • Chapter 8 Allocations Attributable to Built-in Gain or Loss Property
  • A. General Rule Relating to Allocation of Profits and Losses
  • B. Regulatory Allocations Applicable to Pre-contribution Gain or Loss
  • C. Example
  • Chapter 9 Special Allocations, Substantial Economic Effect, and Nonrecourse Deductions
  • A. General Rule Relating to Allocation of Profits and Losses
  • B. Substantial Economic Effect
  • C. Evolution of Targeted Allocations
  • D. Nonrecourse Deductions
  • PART III DISTRIBUTIONS FROM A PARTNERSHIP TO A PARTNER
  • Chapter 10 Nonliquidating and Liquidating Distributions
  • A. Nonliquidating Distributions
  • B. Liquidating Distributions
  • C. Death or Retirement of a Partner
  • Chapter 11 Disproportionate Distributions, Disguised Sales, and Other Distribution Issues
  • A. Disproportionate Distributions
  • B. Disguised Sales
  • C. Distributions of Contributed Property
  • D. Optional Basis Adjustments to Partnership Assets (Section 754 Election)
  • PART IV SALE OF A PARTNERSHIP INTEREST AND PARTNERSHIP TERMINATIONS
  • Chapter 12 Sale of a Partnership Interest
  • A. Gain or Loss Recognition
  • B. Exception for Hot Assets
  • C. Buyer's Initial Outside Basis
  • D. Optional Basis Adjustment to Partnership Assets (Section 754 Election)
  • Chapter 13 Partnership Terminations, Mergers, and Divisions
  • A. Partnership Terminations in General
  • B. Partnership Mergers
  • C. Partnership Divisions
  • PART V Miscellaneous Partnership Tax Topics
  • Chapter 14 Miscellaneous Partnership Tax Topics
  • A. Carried Interests
  • B. Reportable Transactions and Material Advisors
  • C. Anti-abuse Rules
  • D. Qualified Business Income Deduction
  • Index

Additional information

NLS9781524985806
9781524985806
1524985805
Partnership Taxation by Ryan Pace
New
Paperback
Kendall/Hunt Publishing Co ,U.S.
20190322
277
N/A
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