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| Acknowledgement | |
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| Table of Cases | |
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| Table of Code Sections | |
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| Table of Revenue Rulings | |
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| Table of Regulations | |
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| Choice of Entity: What is a Partnership for Tax Purposes? | |
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| Introduction | |
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| Definition of Partnership | |
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| Choice of Form of Doing Business | |
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| Electing Partnership Treatment: The "Check the Box" Regulations | |
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| The Competing Concepts: Aggregate Versus Entity | |
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| Partnership Formation: The Basics | |
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| Introduction | |
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| Basic Statutory Scheme | |
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| Common Issues on Formation | |
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| Property vs. Services | |
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| Contributions of Appreciated (or Depreciated) Property | |
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| Contribution of Depreciable Property | |
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| Characterization of Gains and Losses From the Disposition of Contributed Property | |
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| An Interim Example | |
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| Liabilities-In General | |
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| Contribution of Encumbered Property | |
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| Contributions of Accounts Receivable and Payable | |
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| Organization and Syndication Expenses | |
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| Partnership Operations: The Basics | |
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| Introduction | |
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| Partnership Taxable Years | |
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| Method of Accounting | |
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| The Computation of A Partnership's Taxable Income | |
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| In General | |
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| Separately Stated Items | |
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| Partnership Elections | |
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| Adjustments to the Partners' Outside Basis | |
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| Financial Accounting and Maintenance of Capital Accounts | |
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| Introduction | |
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| Essential Elements of Financial Accounting | |
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| Basic Capital Accounting Rules | |
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| Introduction to Tax Capital Accounts: Contributions and Revaluations | |
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| Contributions | |
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| Revaluations | |
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| Partnership Allocations: Substantial Economic Effect | |
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| Background | |
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| "Substantial Economic Effect" | |
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| The Significance of Capital Accounts: The Orrisch Case | |
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| Codification of Substantial Economic Effect | |
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| The � 704(b) Regulations | |
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| In General-Structure | |
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| Substantial Economic Effect | |
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| A Limitation-Family Partnerships | |
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| Conclusion | |
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| The Allocation of Nonrecourse Deductions | |
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| Background | |
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| Regulations | |
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| Introduction | |
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| Definitions | |
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| Illustrations | |
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| Conclusion | |
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| Contributions of Property: Section 704(c) and Section 704(c) Principles | |
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| Introduction | |
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| Contributions of Property | |
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| Nondepreciable Property | |
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| Depreciable Property | |
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| Choice of Methods | |
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| Anti-abuse Rules | |
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| Revaluations | |
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| Partnership Liabilities | |
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| Introduction | |
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| A Preliminary Issue: What is a Liability? | |
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| The Regulations Governing � 1.752-1 Liabilities | |
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| Introduction | |
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| Economic Risk of Loss | |
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| Sharing Recourse Liabilities | |
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| Illustration-Recourse Liabilities | |
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| Partners Providing Property as Security for Partnership Debt | |
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| Sharing of Nonrecourse Liabilities | |
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| Transactions (Other than Sales) between a Partnership and its Partners | |
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| Sections 707(a) and 707(c) | |
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| Disguised Capital Expenditures: � 707(a)(2)(A) | |
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| Receipt of Partnership Interest in Exchange for Services | |
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| A Final Note: Pending Legislation | |
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| The Sale of a Partnership Interest | |
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| Overview | |
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| The Seller | |
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| Statutory Scheme | |
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| Section 751(a) Property | |
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| Section 751(a) Computation | |
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| Installment Sales of Partnership Interests | |
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| The Buyer | |
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| Effect of the Adjustment | |
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| Related Matters-�� 706(c) & (d) | |
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| Closing a Partnership's Taxable Year | |
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| Allocation of Income for the Year of Change | |
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| Distributions-The Basics | |
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| Introduction | |
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| Preliminary Issues | |
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| Sections 706(c) & (d) | |
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| Capital Accounting Rules | |
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| Character and Holding Period of Distributed Property | |
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| Basis of Partnership's Undistributed Property | |
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| Recognition of Gain or Loss | |
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| Basis of Distributed Property | |
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| Current Distributions | |
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| Liquidating Distributions | |
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| Special Rule under � 732(d) | |
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| Partnership Termination | |
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| Optional Basis Adjustment-� 734(b) | |
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| Introduction | |
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| Determination of the Amount of the Adjustment-Section 734(b) | |
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| Allocating the Adjustment Among Partnership Assets-Section 755 | |
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| Examples | |
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| Final Thoughts | |
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| Disproportionate Distributions | |
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| Introduction | |
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| Section 751(b): The "Evil" and The "Cure" | |
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| The "Evil" | |
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| The "Cure"-� 751(b) | |
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| Scope | |
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| Additional Examples | |
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| Final Observation | |
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| Retirement and Death of a Partner | |
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| Retirements-Overview | |
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| Section 736(b)-Deferred Liquidation Payments | |
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| Section 736(a) Payments | |
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| The Relationship between � 736 and � 751(b) | |
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| Death of a Partner | |
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| Disguised Sales and Exchanges | |
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| Background | |
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| Disguised Sales of Property | |
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| The Regulations Under � 707(a)(2)(B) | |
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| Two-Year Presumptions | |
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| Normal Distributions | |
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| Examples | |
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| Liabilities | |
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| Sections 704(c)(1)(B) and 737 | |
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| Section 704(c)(1)(B) | |
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| Section 737 | |
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| Disguised Sales of Partnership Interests | |
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| The Partnership Anti-Abuse Rules | |
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| Background | |
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| The General Anti-Abuse Rule | |
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| Intent of Subchapter K | |
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| Facts and Circumstances | |
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| Scope | |
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| Examples | |
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| Abuse of Entity Rule | |
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| Is the Anti-Abuse Regulation Valid or Necessary? | |
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| Index | |