2008 CCH Comp Topics Ch19

2008 CCH Comp Topics Ch19 - Chapter 19...

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Unformatted text preview: Chapter 19 PartnershipsFormation and Operation 2007 CCH. All Rights Reserved. 4025 W. Peterson Ave. Chicago, IL 60646-6085 1 800 248 3248 www.CCHGroup.com CCH Federal Taxation Chapter 19 Exhibits Chapter 19, Exhibit Contents A 1. PartnershipsOverview 2. PartnershipsTypes of Partnerships 3. PartnershipsTax Formula 4. Code Section 702(a)(8) Income or Loss 5. Separately Stated Items 6. Inside Basis Computations 7. Outside Basis Computations 8. Outside Basis ComputationsExample 9. Formation of PartnershipsPartner Perspective 10. Formation of PartnershipsOverview of Code Sec. 721 11. Contribution of Part Property/Part Services 12. Contribution of Part Property/Part ServicesExample CCH Federal Taxation Chapter 19 Exhibits Chapter 19, Exhibit Contents B 13. Disguised SalesGeneral Rules 14. Disguised SalesExample 15. Contribution of Encumbered Property 16. Contribution of Encumbered PropertyExample 17. PartnershipsTax Years 18. PartnershipsAccounting Methods 19. Code Section 465 At-Risk Rules 20. Code Section 469 Passive Activity Loss (PAL) Rules 21. At-Risk and Passive Activity Loss RulesExample CCH Federal Taxation Chapter 19, Exhibit 1 PartnershipsOverview Definition Of Partnership. An unincorporated association with two or more persons who associate for a profit motive. For income tax purposes, partnerships are generally treated as pass-through entities, i.e., the partnership pays no taxes, and partnership income (loss) and separately stated items are allocated to each partner according to the partnerships profit sharing agreement. The partners receive separate K-1 schedules from the partnership. Each K-1 reports each partners share of the partnership net profit and separately reported income and expense items. Partners report these items on their own 1040 tax returns, even if none of the items have been distributed to them. CCH Federal Taxation Chapter 19, Exhibit 2a PartnershipsTypes of Partnerships General Partnership [GP]. A GP has one or more general partners who is personally liable for partnership debts; a general partner can be bankrupted by a malpractice judgment brought against the partnership, even though the partner was not personally involved in the malpractice. Limited Liability Partnership [LLP]. An LLP is similar to a general partnership, except that an LLP partner is not liable for any malpractice committed by the other LLP partners. Limited Partnership [LP]. An LP is comprised of at least one general partner and often many limited partners. Limited partners may not participate in the management of the LP, and their risks of loss are restricted to their equity investments in the LP. CCH Federal Taxation Chapter 19, Exhibit 2b PartnershipsTypes of Partnerships Limited Liability Company [LLC]. An LLC is a state-registered association generally taxed as a partnership if it checks the box. LLC members, like corporate shareholders are not personally liable....
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2008 CCH Comp Topics Ch19 - Chapter 19...

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