(EBook PDF) Taxation Essentials of LLCs and Partnerships 1st edition by Larry Tunnell, Robert Ricketts 1119722322 978-1119722328 full chapters

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Product details:

ISBN-10 ‏ : ‎ 1119722322

ISBN-13 ‏ : ‎ 978-1119722328

Author: Larry Tunnell, Robert Ricketts

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.

Taxation Essentials of LLCs and Partnerships 1st Table of contents:

Cover
Chapter 1: Overview: Basic Tax Structure of Partnerships and LLCs
What is a partnership for federal income tax purposes?
Partnerships versus other entities
Electing to be taxed as a partnership: The “check-the-box” rules
Overview of the basic framework of partnership taxation
Partnership operations
Notes
Chapter 2: Tax Consequences of Partnership or LLC Formation
Determination of basis
Effect of entity operations
Effect of liabilities
Partnership interests obtained for services
Transfer of a capital interest
Transfer of a profits interest
Lessons for tax advisers
Notes
Chapter 3: Partnership Distributions
Introduction
Liquidating distributions: Proportionate
Sale of distributed property
Section 736: Death or retirement of a partner from professional services partnerships or LLCs
Notes
Chapter 4: Compensatory Payments to Partners
Introduction
Self‐employment income of partners
Proposed regulations concerning limited partners’ self‐employment income
Notes
Chapter 5: At‐Risk and Passive Activity Limits
Overview
Basis and at‐risk limitations
Gross income from passive activities
Passive activity deductions
Who is subject to the passive loss limitations?
What are passive activities?
Rules of application
Grouping activities
Notes
Chapter 6: Overview of Profit and Loss Allocations: General Rules and Restrictions
Introduction
Section 704(b): Allocations must have “substantial economic effect”
Allocations with respect to contributed property: Section 704(c)(1)(A)
Notes
Chapter 7: Reporting Taxable Income for Partnerships and LLCs
Overview: Partnership tax return
General tax payment and reporting scheme
Form 1065: Income
Form 1065: Expenses
Schedules K and K‐1
Interpreting Schedule K‐1

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Taxation Essentials,Partnerships,Larry Tunnell,Robert Ricketts