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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 | |