Partnership »
Partnerships are a common non-corporate business entity. Gaining an understanding of the tax aspects affecting the formation, operation and dissolution of partnerships, both general and limited can be difficult and complex. This focus center provides information regarding Subchapter K and the taxation of partnerships.
Superior Trading Strikes Out Again
As the 2012 baseball season kicks off, the United States Tax Court unloaded the bases on the consolidated case of Superior Trading, dismissing the petitioners’ motions for reconsideration under Rule 161 and to vacate
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Tax Implications of Partnership Formation
Top Takeaways 1: Contributions to Partnerships are Generally Tax Free In general, any contribution of property to a newly formed or existing partnership in exchange for an interest in the partnership is a non-taxable
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Partnership Distributions
Top Takeaways 1: Two Types of Partnership Distributions There are generally two types of distributions a partnership can make to its partners: liquidating and non-liquidating. The distinction between the two is whether the person
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Closely Held Businesses are the topic of discussion today before the House Ways and Means Committee
The House Committee of Ways and Means have begun a hearing on the taxation of closely held businesses. Today’s hearing will examine the current corporate and individual tax structure and its impact on closely-held
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Court Rejects General Electric’s $62 Million Castle Harbour Tax Shelter
The Second Circuit Court of Appeals reversed the district court’s ruling and finding the government is permitted to impose a penalty on TIFD III-E, Inc, a subsidiary of General Electric Capital Corporation (“GECC”), for
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Tax Implications of Business Entity Choice
Top Takeaways 1: Must Choose an Entity Type Recognized by the Federal Government There are four entity types recognized by the Federal Government for tax purposes: Sole Proprietorship Partnership C Corporation S Corporation 2:
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