This book helps addresses the tax consequences of the most common transactions engaged in by limited liability corporations (LLCs)and partnerships. You will develop a level of comfort with the basic conceptual framework underlying partnership and LLC taxation, as well as gain an explanation of the tax consequences associated with issues most frequently confronted by tax practitioners. Topics covered include: basic tax structure of partnerships and LLCs; electing to be taxed as a partnership: "check-the-box" rules; tax consequences of partnership or LLC formation; partnership distributions; compensatory payments to partners; at-risk and passive activity limits; profit and loss allocations: general rules and restrictions; and reporting taxable income for partnerships and LLCs.

Practical Guide to Partnerships and LLCs (7th 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.

Are you ready to master the advanced concepts of partnership taxation? Provide your clients with valuable advice and tax planning strategies and gain a working knowledge of the Internal Revenue Code's sophisticated partnership tax rules and regulations. This book takes a deep dive into the complexities of partnership tax law. It includes step-by-step examples to help guide you through the complicated world of advanced partnership and LLC tax law. Some of the many concepts covered in this course include special allocations, liquidating and non-liquidation distributions, property basis calculations under various scenarios, and sales of a partnership interest.

Understanding Partnership and LLC Taxation provides a comprehensive analysis of one of the most complex areas of the Internal Revenue Code. Using examples and computational illustrations, this treatise is designed for ease of use by practitioners and law students. In addition to clear, to-the-point explanations of law, Understanding Partnership and LLC Taxation includes practice and planning notes and extensive citation to relevant cases, statutes, and regulations, thereby making it an excellent quick reference tool. The new fifth edition discusses important recent legislation, regulations, cases and administrative rulings. The text is an essential source for answers and guidance regarding partner/partnership and LLC tax issues. Its straightforward approach and hands-on, practical examples will make this your fundamental reference tool for partnership and LLC taxation issues. Topics covered include: Determining the business form to adopt; Allocating income or loss among partners or LLC members; Distributing property to a partner or LLC member; Using family partnerships and LLCs; Selling or liquidating a partnership or LLC interest; Terminating a partnership; Determining a partner's/member's basis in a partnership/LLC interest; Special rules for family partnerships/LLCs; and Tax consequences when a partner/member dies.

The materials in this Client File provide real-word problems, documents, and financials that direct the study of partnership taxation. They are an ideal accompaniment to partnership tax casebooks, especially the author’s own Taxation and Business Planning for Partnerships and LLCs. This first edition of the Client File includes memoranda and practice materials. It also includes recent developments that will not be in most casebooks. The Client File creates a practice setting that is ideal for studying issues that transactional tax attorneys’ clients face regularly. Complete features include: 13 memoranda that introduce a client fact pattern, present questions relating to the fact pattern, and introduce the types of transactions that raise partnership tax questions Numerous documents that transactional tax attorneys encounter in practice and raise partnership tax questions, including multiple LLC agreements and loan documents Financial statements of an operating LLC and a real estate LLC Recent cases An in-depth demonstration of legal analysis that transactional tax attorneys commonly use and that is essential to analyzing the problems raised in the memoranda

Practical Guide to Partnerships and LLCs (3rd 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.

"Teaches the fundamentals of a highly complex subject through clear and lively explanatory text, skillfully drafted problems, and a selective mix or orgininal source materials. Highlights include: Coverage of all significant developments since the last edition, including proposed regulations interpreting the 706 varying interest rule and defining "interest in a limited partnership" for purposes of the 469 passive loss limitations A fresh perspective on choice of entity, including employoment tax considerations New author's text discussing series LLCs and partnership debt-for-equity exchanges Revised text on special allocations under 704(b) An update on the partnership "carried interest" controversy Pruing of dated materials and more tightly edited cases, notes and orpblems"--Publisher's Website