U.S. Taxation of Partnerships: Advanced Topics

About this book:

U.S. Taxation of Partnerships is a uniquely illustrative book that explores, analyzes, scrutinizes, and helps to resolve issues concerning accounting methods, anti-abuse rules, liabilities, dissolutions, mergers, and bankruptcy, with expert guidance on preparing partnership financial statements. With more than seven million businesses registered as partnerships in the United States—and increasing—it is incumbent for parties with business interests to keep abreast of the challenges about this sui generis form of business and its intricate body of tax law. 

What’s in this book:

Furnishing boxed examples and references to significant court cases, the author extensively elucidates the following key issues:

• types of partnerships (LP, LLP, LLC, PTP);
• the two concepts of partnerships;
• partnership formation;
• transactions between partnership and partners;
• allocation of revenues among partners;
• the partnership taxable year;
• base erosion and anti-abuse tax (BEAT);
• centralized partnership audit regime;
• recourse and nonrecourse liabilities; and
• special tax rules for publicly traded partnerships (PTPs).

Vital abstract concepts are explained pragmatically. All formal requirements—filing the partnership tax return (Form 1065), reporting, preparing for an audit, and so on—are clearly illustrated with examples.

How this will help you:

As the pioneering book to describe the economics of partnerships comprehensively and concisely, this book offers a reliable and authoritative overview of the complexities of U.S. partnership taxation and dwells on the relevant rules in accessible language. It will be well appreciated by tax law practitioners, members of international and U.S. tax law associations, tax academics, and the international business communities with interests in the U.S.