chap_19 - Chapter 19 Partnerships—Formation and Operation...

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Unformatted text preview: Chapter 19 Partnerships—Formation and Operation ©2008 CCH. All Rights Reserved. 4025 W. Peterson Ave. Chicago, IL 60646-6085 1 800 248 3248 www.CCHGroup.com CCH Federal Taxation Comprehensive Topics 2 of 51 Chapter 19 Exhibits Chapter 19, Exhibit Contents A 1. Partnerships—Overview 2. Partnerships—Types of Partnerships 3. Partnerships—Tax 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 Computations—Example 9. Formation of Partnerships—Partner Perspective 10. Formation of Partnerships—Overview of Code Sec. 721 11. Contribution of Part Property/Part Services 12. Contribution of Part Property/Part Services—Example CCH Federal Taxation Comprehensive Topics 3 of 51 Chapter 19, Exhibit Contents B 13. Disguised Sales—General Rules 14. Disguised Sales—Example 15. Contribution of Encumbered Property 16. Contribution of Encumbered Property—Example 17. Partnerships—Tax Years 18. Partnerships—Accounting Methods 19. Code Section 465 At-Risk Rules 20. Code Section 469 Passive Activity Loss (PAL) Rules 21. At-Risk and Passive Activity Loss Rules—Example Chapter 19 Exhibits CCH Federal Taxation Comprehensive Topics 4 of 51 Chapter 19, Exhibit 1 Partnerships—Overview 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 partnership’s profit sharing agreement. The partners receive separate K-1 schedules from the partnership. Each K-1 reports each partner’s 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 Comprehensive Topics 5 of 51 Chapter 19, Exhibit 2a Partnerships—Types 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 a general partnership in which the general partners are not liable for any malpractice committed by the other general 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....
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This note was uploaded on 11/24/2010 for the course TXX 5762 taught by Professor Allen during the Spring '10 term at Nova Southeastern University.

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chap_19 - Chapter 19 Partnerships—Formation and Operation...

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