Authors: Robert Ricketts, P. Larry Tunnell
Discusses with utmost clarity the complex issues involving partnership taxation with comparisons to S Corporation taxation. It uses hundreds of illustrative examples, practice observations, helpful charts and insightful explanations to make even the most difficult concepts understandable.
The latest developments 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
- qualified vs. non-qualified recourse debt
- recognition of cancellation-of-indebtedness income, and more
S Corporations are compared with partnerships throughout. Some of the new additions regarding S Corporation law include the following:
- the corporate form under state law
- taxation of S Corporations including distributions, allocations and special taxes
- stock ownership requirements
- depreciation of contributed assets
- effect of S Corporation operation on shareholder basis
- contribution of encumbered property
- calculation of taxable income and payments to shareholders
- debt, and more.
In five parts, the book covers the critical aspects of this complicated area, with individual parts focusing on partnership and S Corporation characteristics, funding, taxation of operations, debt, disposition of an interest, and distributions. From choice-of-entity considerations to sales and liquidations, the entire breadth of partnership and LLC taxation with comparisons to S Corporations is covered. Special attention is given throughout to the complex inter-workings of rules that bind, tax and control these entity operations.
The first part focused on basic operations, the basic underpinnings are presented covering key areas such as what is a partnership, partnership formation and computation of partner basis, receipt of a partnership interest for services, calculation of partnership income, and character and presentation of partnership income.
The second part of Practical Guide to Partnerships, LLCs and S Corporations looks at partnership allocations including the allocation of partnership income among partners, allocation of income and deductions from contributed property, limitations on partnership allocations and partners’ share of partnership debt.
Part three explores the limitations on partnership deductions, including the deductibility of partnership losses. Part four covers sales and distributions including the sale of a partnership interest, partnership distributions and basis adjustments to partnership property.
Finally, part five deals with advanced topics such as related party and disguised sales, the death or retirement of a partner and S corporations. Note that although there is a separate chapter on S corporations, comparisons between partnerships and S corporations are made throughout.
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, LLCs and S corporations is a great resource for tax attorneys, advisors to businesses and students of business taxation and entities.
(formerly Practical Guide to Partnerships and LLCs) (11th Edition)
8/31/2020 560 pages 9780808054849