Partnership taxation:
Gespeichert in:
| Format: | Buch |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
Newark, NJ [u.a.]
LexisNexis
2008
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| Ausgabe: | 2. ed. |
| Schriftenreihe: | Graduate tax series
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XX, 324, [28] S. |
| ISBN: | 9781422417553 |
Internformat
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Datensatz im Suchindex
| _version_ | 1804138010691764224 |
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| adam_text | PARTNERSHIP TAXATION SECOND EDITION RICHARD M. LIPTON, ESQ. PARTNER,
BAKER & MCKENZIE LLP PAUL CARMAN, ESQ. PARTNER, CHAPMAN & CATHER LLP
CHARLES FASSLER, ESQ. MEMBER, GREENEBAUM DOLL & MCDONALD PLLC WALTER D.
SCHWIDETZKY PROFESSOR OF LAW UNIVERSITY OF BALTIMORE SCHOOL OF LAW
GRADUATE TAX SERIES LEXISNEXIS TABLE OF CONTENTS ACKNOWLEDGMENTS V
INTRODUCTION THE SPIRIT OF PARTNERSHIPS AND PARTNERSHIP TAXATION 1
CHAPTER 1 DEFINING PARTNERSHIPS AND PARTNERS FOR TAX PURPOSES 11 § 1.01
INTRODUCTION 11 § 1.02 THE EXISTENCE OF A BUSINESS ENTITY 11 § 1.03
CLASSIFYING PARTNERSHIPS FOR TAX PURPOSES 13 A. THE NATURE OF
PARTNERSHIPS 13 B. THE CLASSIFICATION OF DOMESTIC BUSINESS ENTITIES 14
C. THE CLASSIFICATION OF NON-U.S. BUSINESS ENTITIES 15 D. RECLASSIFYING
PARTNERSHIPS AS CORPORATIONS 16 1. AN ELECTION UNDER TREAS. REG. §
301.7701-3 16 2. PUBLICLY TRADED PARTNERSHIPS 16 3. TAXABLE MORTGAGE
POOLS 17 § 1.04 DISTINGUISHING PARTNERSHIPS FROM OTHER CONTRACTUAL
ARRANGEMENTS 17 A. DISTINGUISHING PARTNERSHIPS FROM LOANS 18 B.
DISTINGUISHING PARTNERSHIPS FROM SERVICE AGREEMENTS 19 C. DISTINGUISHING
PARTNERSHIPS FROM LEASES 19 D. DISTINGUISHING PARTNERSHIPS FROM OTHER
CO-OWNERSHIPS 20 § 1.05 DETERMINING WHO IS A PARTNER 21 § 1.06 ELECTING
OUT OF SUBCHAPTER K 23 § 1.07 AGGREGATE AND ENTITY THEORIES OF
PARTNERSHIP TAXATION .... 24 § 1.08 COMPARISON WITH S CORPORATIONS 25 §
1.09 READING, QUESTIONS AND PROBLEMS 26 A. READING 26 B. QUESTIONS AND
PROBLEMS 26 CHAPTER 2 FORMATION OF THE PARTNERSHIP 31 § 2.01
INTRODUCTION 31 VN VIII TABLE OF CONTENTS § 2.02 TRANSFER OF PROPERTY TO
PARTNERSHIP 31 A. GENERAL RULES 31 B. WHAT CONSTITUTES PROPERTY 32 1.
CASH 32 2. CONTRACT RIGHTS 32 A. PROMISSORY NOTES 32 I. CONTRIBUTOR S
PROMISSORY NOTE 32 II. THIRD PARTY NOTE 32 III. INSTALLMENT NOTE 33 IV.
PARTNERSHIP S INDEBTEDNESS TO THE PARTNER 33 B. RIGHT TO ACQUIRE
PROPERTY 35 3. SERVICES 35 4. ASSIGNMENT OF INCOME 35 5. RIGHT TO USE
PROPERTY 36 6. RECAPTURE PROPERTY 36 7. INVENTORY AND UNREALIZED
RECEIVABLES 37 8. RECAPITALIZATIONS 37 C. WHEN IS PROPERTY CONTRIBUTED?
38 D. EFFECT ON DEPRECIABLE ASSETS 39 E. STOCK OF CORPORATE PARTNERS 39
F. DISREGARDED ENTITY BECOMING PARTNERSHIP 39 G. UNDERWRITTEN
PARTNERSHIP INTERESTS 40 § 2.03 TRANSFERS TO INVESTMENT COMPANIES 41 A.
TAXABILITY OF TRANSFER 41 § 2.04 EFFECT OF RECEIPT OF BOOT 42 § 2.05
EFFECT OF LIABILITIES 42 § 2.06 BASIS OF PARTNERSHIP INTEREST TO PARTNER
43 § 2.07 HOLDING PERIOD OF PARTNERSHIP INTEREST 44 § 2.08 PARTNERSHIP S
BASIS FOR CONTRIBUTED PROPERTY 45 § 2.09 PARTNERSHIP S HOLDING PERIOD
FOR PROPERTY RECEIVED 45 § 2.10 CHARACTER OF GAIN OR LOSS FROM SALE OF
CONTRIBUTED PROPERTY 46 A. CONTRIBUTIONS OF ORDINARY INCOME ASSETS 46 1.
UNREALIZED RECEIVABLES 46 2. INVENTORY ITEMS 46 TABLE OF CONTENTS IX B.
CONTRIBUTIONS OF CAPITAL LOSS PROPERTY 46 C. TAX-FREE TRANSFERS 47 §
2.11 ORGANIZATION AND SELLING EXPENSES 47 A. SELLING EXPENSES : 47 B.
ORGANIZATION EXPENSES 47 § 2.12 READING, QUESTIONS AND PROBLEMS 48 A.
READING 48 B. QUESTIONS AND PROBLEMS 49 CHAPTER 3 OUTSIDE BASIS AND
ALLOCATION OF LIABILITIES 51 § 3.01 INTRODUCTION 51 § 3.02 RELEVANCE OF
OUTSIDE BASIS 51 A. GAIN OR LOSS 51 B. LIMITATION ON LOSS 51 C. EFFECT
ON DISTRIBUTIONS 52 1. CASH DISTRIBUTIONS 52 2. PROPERTY DISTRIBUTIONS
52 § 3.03 GENERAL RULES FOR COMPUTING BASIS 52 A. STARTING POINT 52 1.
CAPITAL CONTRIBUTIONS 53 2. PURCHASE OF A PARTNERSHIP INTEREST 53 3.
GIFTS 53 4. INHERITED PARTNERSHIP INTEREST 53 B. ADJUSTMENTS TO BASIS OF
PARTNERSHIP INTEREST*GENERALLY ... 53 C. SPECIAL ADJUSTMENTS 54 1.
TAX-EXEMPT INCOME 54 2. NATURAL RESOURCES PROPERTY 54 3. NONDEDUCTIBLE
EXPENDITURES 55 4. DISTRIBUTIONS 55 D. NO NEGATIVE BASIS 56 E. TIME FOR
COMPUTING BASIS 56 F. ORDERING RULES 56 § 3.04 EFFECT OF PARTNERSHIP
LIABILITIES 57 A. GENERAL RULES 57 X TABLE OF CONTENTS B. DEFINITION OF
RECOURSE AND NONRECOURSE LIABILITIES 58 1. DEFINITION OF LIABILITY 58 2.
DEFINITION OF RECOURSE LIABILITY 58 3. ASSUMPTION OF LIABILITY 61 4.
DEFINITION OF NONRECOURSE LIABILITY 61 5. BIFURCATED LIABILITY 61 C.
ALLOCATION OF RECOURSE LIABILITIES 62 D. ALLOCATION OF NONRECOURSE
LIABILITIES 63 E. CONTRIBUTIONS AND DISTRIBUTIONS OF ENCUMBERED PROPERTY
... 65 F. TIERED PARTNERSHIPS 66 G. SALES OF PARTNERSHIP INTERESTS 67 H.
ANTI-ABUSE RULE 68 1. ASSUMPTION BY PARTNERSHIP 68 2. TRANSFER OF
PARTNERSHIP INTEREST 69 3. ASSUMPTION OF § 1.752-7 LIABILITY 70 § 3.05
READING, QUESTIONS AND PROBLEMS 70 A. READING 70 B. QUESTIONS AND
PROBLEMS 71 CHAPTER 4 OPERATION OF THE PARTNERSHIP: CALCULATION OF
PARTNERSHIP TAXABLE INCOME 73 § 4.01 INTRODUCTION 73 § 4.02 PASS-THROUGH
NATURE OF PARTNERSHIP 73 § 4.03 COMPUTING INCOME, GAIN, LOSS, DEDUCTIONS
AND CREDITS OF PARTNERSHIP * 73 A. GENERALLY 73 B. TAXABLE INCOME OF THE
PARTNERSHIP 74 C. SEPARATELY COMPUTED ITEMS 74 1. GAINS AND LOSSES FROM
SALES 74 2. CHARITABLE CONTRIBUTIONS 75 3. DIVIDEND INCOME 75 4. FOREIGN
TAXES PAID 75 5. OTHER ITEMS 75 D. BOTTOM LINE PROFIT OR LOSS 76 TABLE
OF CONTENTS XI § 4.04 ELECTIONS 77 § 4.05 ACCOUNTING METHOD 77 A. C
CORPORATION IS PARTNER 77 1. FARMING BUSINESS 77 2. QUALIFIED PERSONAL
SERVICE CORPORATION 78 3. SMALL CORPORATIONS 78 B. TAX SHELTERS 80 1.
REGISTERED OFFERING 80 2. SYNDICATE 80 3. TAX SHELTER 81 C. FARMING
PARTNERSHIPS 81 1. PARTNERSHIPS HAVING CORPORATIONS AS PARTNERS 81 2.
FARMING SYNDICATE 82 § 4.06 CHARACTERIZATION 82 A. DEALER STATUS 82 B.
HOLDING PERIOD 83 C. HOBBY LOSS RULES 83 D. LIKE-KIND EXCHANGES AND
INVOLUNTARY CONVERSIONS 83 E. DISCHARGE OF INDEBTEDNESS INCOME 84 § 4.07
LOSS LIMITATION RULES 84 A. BASIS LIMITATION 84 B. AT RISK RULES 85 1.
LIMITATIONS ON LOSSES TO AMOUNT AT RISK 85 2. CALCULATIONS OF AMOUNT AT
RISK 85 3. NONRECOURSE FINANCING 86 4. CARRYOVER OF DISALLOWED LOSSES 87
5. APPLICABILITY TO PARTNERSHIPS 87 6. DISPOSITION OF ACTIVITY OR
PARTNERSHIP INTEREST 88 C. PASSIVE LOSS LIMITATION 88 1. LOSS
DISALLOWANCE RULE 88 2. PASSIVE ACTIVITY 89 3. MATERIAL PARTICIPATION 90
D. DISPOSITION OF PARTNERSHIP INTEREST 91 TABLE OF CONTENTS § 4.08
TAXABLE YEAR OF PARTNERSHIP 92 A. REQUIRED TAXABLE YEARS 92 B. BUSINESS
PURPOSE 95 C. I.R.C. § 444 ELECTION 96 § 4.09 READING, QUESTIONS AND
PROBLEMS 96 A. READING 96 B. QUESTIONS AND PROBLEMS 97 CHAPTER 5
OPERATION OF A PARTNERSHIP: ALLOCATION OF PARTNERSHIP INCOME AND LOSSES
101 § 5.01 INTRODUCTION 101 § 5.02 CAPITAL ACCOUNTS 102 § 5.03
SUBSTANTIAL ECONOMIC EFFECT RULES 103 A. INTRODUCTION 103 B. ECONOMIC
EFFECT RULES 103 1. REGULAR RULES 103 2. ALTERNATE ECONOMIC EFFECT
RULES 106 3. ECONOMIC EFFECT EQUIVALENCE 109 C. SUBSTANTIALITY 109 1.
GENERAL RULES 109 2. SHIFTING AND TRANSITORY ALLOCATIONS 110 3.
DEPRECIATION/RECAPTURE GAIN CHARGEBACKS 112 4. TAX CREDITS 113 5. Q
ADJUSTMENTS 113 § 5.04 PARTNER S INTEREST IN THE PARTNERSHIP 114 § 5.05
BOOK-TAX DISPARITIES*I.R.C. § 704(C) ALLOCATIONS 115 A. INTRODUCTION 115
B. I.R.C. § 704(C) METHODS OF ALLOCATION 117 1. THE TRADITIONAL METHOD
117 2. TRADITIONAL METHOD WITH CURATIVE ALLOCATIONS 118 3. REMEDIAL
METHOD 119 4. DEPRECIATION 120 5. OTHER CONSIDERATIONS 121 C. NEW I.R.C.
§ 704(C)(L)(C) 122 TABLE OF CONTENTS XIII § 5.06 REVERSE I.R.C. § 704(C)
ALLOCATIONS 123 § 5.07 ALLOCATIONS OF NONRECOURSE DEDUCTIONS 125 A.
INTRODUCTION 125 B. THE REGULATORY SAFE HARBOR 127 C. SUBSEQUENT
NONRECOURSE BORROWING 131 § 5.08 FAMILY MEMBERS AS PARTNERS 132 A.
INTRODUCTION 132 B. PRE-I.R.C. § 704(E) CASE LAW 132 C. I.R.C. § 704(E)
133 § 5.09 CHANGES IN PARTNERSHIP INTERESTS DURING THE TAX YEAR .... 134
§ 5.10 READING, QUESTIONS AND PROBLEMS 135 A. I.R.C. § 704(B) 135 B.
I.R.C. § 704(C) 137 C. NONRECOURSE DEDUCTIONS 138 D. FAMILY ALLOCATIONS
139 E. CHANGES IN PARTNERSHIP INTERESTS DURING THE TAX YEAR 140 CHAPTER
6 DISPOSITIONS OF PARTNERSHIP INTERESTS 141 § 6.01 INTRODUCTION 141 §
6.02 RECOGNITION OF GAIN OR LOSS 141 A. AMOUNT REALIZED 141 B. BASIS 142
§ 6.03 CHARACTER OF GAIN OR LOSS 143 A. GENERAL RULE 143 B. UNREALIZED
RECEIVABLES AND INVENTORY ITEMS 143 1. ORDINARY INCOME RECOGNITION 143
2. UNREALIZED RECEIVABLES 143 3. INVENTORY ITEMS 144 § 6.04 HOLDING
PERIOD 145 § 6.05 INSTALLMENT SALES 145 § 6.06 DISPOSITIONS OTHER THAN
SALES OR EXCHANGES 146 A. GIFTS AND CHARITABLE CONTRIBUTIONS 146 B.
DEATH OF A PARTNER 148 C. EXCHANGES OF PARTNERSHIP INTEREST * 148 XIV
TABLE OF CONTENTS D. ABANDONMENT AND WORTHLESSNESS 149 E. CONVERSION TO
CORPORATION 150 F. TRANSFERS TO OTHER PARTNERSHIPS 151 § 6.07 OPTIONAL
ADJUSTMENT TO BASIS OF PARTNERSHIP PROPERTY 151 A. I.R.C. § 743(B) 152
B. MAKING THE I.R.C. § 754 ELECTION 153 C. EFFECT OF I.R.C. § 743(B) 154
D. COMPUTATION OF TRANSFEREE S PROPORTIONATE SHARE OF ADJUSTED BASIS 155
E. ALLOCATION OF BASIS ADJUSTMENT AMONG PARTNERSHIP ASSETS . . . 156 F.
ADDITIONAL ASPECTS OF ADJUSTMENT 158 1. TRANSFER OF PARTNERSHIP INTEREST
158 2. DISTRIBUTION OF PARTNERSHIP PROPERTY 158 3. CONTRIBUTION OF
PROPERTY TO LOWER-TIER PARTNERSHIP 158 4. CONTRIBUTION OF PROPERTY TO
CORPORATION 159 5. COMPUTATION OF INCOME AND EXPENSES 159 6. SPECIAL
BASIS ADJUSTMENT AND DEPRECIABLE PROPERTY 159 7. RETURN FILING
REQUIREMENTS 160 § 6.08 ALLOCATION OF INCOME AND LOSS 161 A. CLOSING OF
PARTNERSHIP TAXABLE YEAR 161 B. SALE OF ENTIRE INTEREST 161 C. METHODS
OF ALLOCATION 162 D. SALE OF LESS THAN ENTIRE INTEREST 162 E. ANTI-ABUSE
RULE 162 § 6.09 TERMINATION OF PARTNERSHIPS 163 A. WHAT TRANSACTIONS ARE
TAKEN INTO ACCOUNT 163 B. COMPUTING CAPITAL AND PROFITS 165 C. THE
TWELVE MONTH RULE 166 D. EFFECT OF PARTNERSHIP TERMINATION 166 1.
TRANSACTIONS DEEMED TO OCCUR 166 2. EMPLOYER IDENTIFICATION NUMBER 166
3. ELECTIONS 167 4. I.R.C. §§ 704(C)(L)(B) AND 737 167 5. DEPRECIATION
AND AMORTIZATION 167 TABLE OF CONTENTS XV § 6.10 READING, QUESTIONS AND
PROBLEMS 168 A. READING 168 B. QUESTIONS AND PROBLEMS 169 CHAPTER 7
PARTNERSHIP DISTRIBUTIONS 171 § 7.01 INTRODUCTION 171 § 7.02
NONLIQUIDATING DISTRIBUTIONS OF MONEY 171 § 7.03 NONLIQUIDATING
DISTRIBUTIONS OF PROPERTY 172 A. GENERAL RULES 172 B. OUTSIDE BASIS LESS
THAN INSIDE BASIS 173 C. MARKETABLE SECURITIES 174 § 7.04 CAPITAL
ACCOUNTS 176 § 7.05 I.R.C. § 732(D) 176 §7.06 THE SALE OF DISTRIBUTED
PROPERTY 177 § 7.07 I.R.C. § 734(B) ADJUSTMENTS 178 A. INTRODUCTION 178
B. THE DEVIL IS IN THE DETAILS 179 C. MANDATORY AS IF I.R.C. § 754
ELECTIONS 182 § 7.08 SHIFTS IN ORDINARY INCOME PROPERTY 183 A.
INTRODUCTION 183 B. UNREALIZED RECEIVABLES AND SUBSTANTIALLY APPRECIATED
INVENTORY 183 C. THE NUTS AND BOLTS 185 § 7.09 LIQUIDATIONS OF
PARTNERSHIPS AND PARTNERSHIP INTERESTS .... 191 A. INTRODUCTION 191 B.
LIQUIDATIONS OF THE PARTNERSHIP OR OF A PARTNERSHIP INTEREST .,. 191 C.
I.R.C. § 736 PAYMENTS 193 1. INTRODUCTION 193 2. I.R.C. § 736(A)
PAYMENTS 194 3. I.R.C. § 736(B) PAYMENTS 195 4. ALLOCATING AND TAXING
I.R.C. § 736 PAYMENTS 195 § 7.10 READING, QUESTIONS AND PROBLEMS 199 A.
NONLIQUIDATING DISTRIBUTIONS 199 B. I.R.C. § 734(B) 200 C. I.R.C. §
751(B) 201 D. LIQUIDATIONS . . . 201 XVI TABLE OF CONTENTS CHAPTER 8
TRANSACTIONS BETWEEN PARTNER AND PARTNERSHIP; ISSUANCE OF A PARTNERSHIP
INTEREST FOR SERVICES .... 203 § 8.01 INTRODUCTION 203 § 8.02 THE
DIFFERENT ROLES OF PARTNERS IN TRANSACTIONS WITH A PARTNERSHIP 203 §
8.03 PAYMENTS TO A PARTNER AS A PARTNER OTHER THAN GUARANTEED PAYMENTS
203 § 8.04 GUARANTEED PAYMENTS 204 § 8.05 PAYMENTS TO A PARTNER OTHER
THAN IN HIS OR HER CAPACITY AS A PARTNER 205 § 8.06 DISGUISED SALES 208
A. THE DISGUISED SALE OF ASSETS 208 B. THE DISGUISED SALE OF PARTNERSHIP
INTERESTS 214 § 8.07 LIMITATIONS ON RECOGNITION OF LOSSES AND
RECHARACTERIZATION OF GAINS IN RELATED PARTY TRANSACTIONS 217 A.
LIMITATIONS ON RECOGNITION OF LOSSES 217 B. RECHARACTERIZATION OF GAINS
218 § 8.08 ISSUANCE OF A CAPITAL INTEREST IN EXCHANGE FOR SERVICES 219
A. BACKGROUND 219 B. EXPLANATION OF PROVISIONS OF THE COMPENSATORY
INTEREST PROPOSED REGULATIONS 220 § 8.09 COMPARISON WITH S CORPORATIONS
222 § 8.10 READING, QUESTIONS AND PROBLEMS 222 A. READING 222 B.
QUESTIONS AND PROBLEMS 222 CHAPTER 9 BUSINESS COMBINATIONS: PARTNERSHIP
MERGERS AND DIVISIONS 227 § 9.01 INTRODUCTION 227 § 9.02 PARTNERSHIP
MERGERS 227 A. GENERAL RULES 227 B. FORM OF A MERGER 229 C. BUILT-IN
GAIN RESULTING FROM THE MERGER 231 D. BUY-OUT RULE 233 § 9.03
PARTNERSHIP DIVISIONS 234 A. GENERAL RULES 234 TABLE OF CONTENTS XVII B.
FORM OF A DIVISION 236 C. BUILT-IN GAIN IN DIVISIONS 236 § 9.04 THE
EFFECT ON THE PARTNERS AND THE PARTNERSHIP 237 § 9.05 COMPARISON WITH S
CORPORATIONS 238 A. MERGERS AND ACQUISITIONS 238 B. CORPORATE DIVISIONS
239 § 9.06 READING, QUESTIONS AND PROBLEMS 240 CHAPTER 10 PARTNERSHIP
OPTIONS 243 § 10.01 INTRODUCTION 243 § 10.02 BACKGROUND FOR
NONCOMPENSATORY OPTIONS 243 § 10.03 SCOPE OF PROPOSED REGULATIONS ON
NONCOMPENSATORY OPTIONS 246 § 10.04 ISSUANCE, LAPSE, AND
STRAIGHT-FORWARD EXERCISE OF NONCOMENSATORY OPTIONS 246 § 10.05
COMPLICATIONS ON THE EXERCISE OF NONCOMPENSATORY OPTIONS 249 A. NEW
PARTNER ENTERS WHILE OPTION OUTSTANDING 249 B. CORRECTIVE ALLOCATIONS
254 § 10.06 OPTION HOLDER TREATED AS PARTNER 256 § 10.07 COMPENSATORY
OPTIONS 259 A. ISSUANCE OF A COMPENSATORY OPTION 260 B. EXERCISE OF
COMPENSATORY OPTION 260 C. REPURCHASE OR SALE OF OPTION 260 D. EFFECT OF
OUTSTANDING OPTION 261 E. RECHARACTERIZATION RULE : 261 § 10.08 READING
262 CHAPTER 11 I.R.C. § 197 INTANGIBLES AMORTIZATION .... 263 § 11.01
INTRODUCTION 263 § 11.02 SUMMARY OF I.R.C. § 197 263 § 11.03 GENERAL
RULES APPLICABLE TO PARTNERSHIPS UNDER I.R.C. § 197 264 A. CONTRIBUTIONS
264 B. DISTRIBUTIONS 265 C. TERMINATIONS . L . . . 266 XVIII TABLE OF
CONTENTS D. BASIS ADJUSTMENTS 266 E. ALLOCATIONS IN REGARD TO BUILT-IN
GAIN 267 § 11.04 ANTI-CHURNING RULES APPLICABLE TO PARTNERSHIPS UNDER
I.R.C. § 197 268 A. GENERAL RULES 268 B. CONTRIBUTIONS 270 C.
DISTRIBUTIONS 271 D. ADJUSTMENTS TO BASIS OF PARTNERSHIP PROPERTY 273 E.
PARTNER S USE OF PARTNERSHIP PROPERTY 276 § 11.05 COMPARISON WITH S
CORPORATIONS 277 § 11.06 READING, QUESTIONS AND PROBLEMS 277 A. READING
277 B. QUESTIONS AND PROBLEMS 277 CHAPTER 12 FOREIGN PARTNERSHIPS,
FOREIGN PARTNERS AND PARTNERSHIPS WITH TAX-EXEMPT ENTITIES 279 § 12.01
INTRODUCTION 279 § 12.02 FOREIGN PARTNERSHIPS 279 A. CLASSIFICATION 279
B. FOREIGN TAX CREDIT RULES IN REGARD TO FOREIGN PARTNERSHIPS 280 C.
CONTROLLED FOREIGN CORPORATIONS AS PARTNERS IN FOREIGN PARTNERSHIPS 281
D. U.S. SOURCE OF INCOME RULES IN REGARD TO FOREIGN PARTNERSHIPS 285 E.
THE HYBRID ENTITY RULES 285 § 12.03 U.S. PARTNERSHIPS WITH FOREIGN
PARTNERS 286 A. GENERAL RULES RELATING TO U.S. TAXATION OF FOREIGN
PERSONS . 286 B. WITHHOLDING OBLIGATIONS IN REGARD TO FDAP INCOME 289 C.
WITHHOLDING IN REGARD TO INCOME EFFECTIVELY CONNECTED WITH A U.S. TRADE
OR BUSINESS 289 D. BRANCH PROFITS TAX 291 E. DISPOSITION OF INTERESTS IN
U.S. PARTNERSHIPS BY NON-U.S. PERSONS 291 § 12.04 PARTNERSHIPS WITH
TAX-EXEMPT ENTITIES 292 TABLE OF CONTENTS XIX A. IMPACT ON THE
ORGANIZATION S EXEMPT STATUS 292 B. UNRELATED BUSINESS TAXABLE INCOME
293 C. DEBT-FINANCED INCOME 295 § 12.05 LIMITATIONS ON DEDUCTIONS
ALLOCABLE TO PROPERTY USED BY TAX-EXEMPT ENTITIES 297 A. GENERAL RULE ON
LIMITATION ON LOSSES 297 B. SPECIAL APPLICATION TO PARTNERSHIPS 298 C.
EXCEPTIONS 299 D. APPLICATION TO LIKE-KIND EXCHANGES AND CONDEMNATIONS .
. . 300 § 12.06 COMPARISON WITH S CORPORATIONS 301 § 12.07 READING,
QUESTIONS AND PROBLEMS 301 A. READING 301 B. QUESTIONS AND PROBLEMS 301
CHAPTER 13 ANTI-ABUSE PROVISIONS 305 § 13.01 INTRODUCTION 305 § 13.02
JUDICIAL DOCTRINES 305 A. INTRODUCTION 305 B. SUBSTANCE OVER FORM 306 C.
BUSINESS PURPOSE 308 D. STEP TRANSACTION DOCTRINE 309 E. FAILURE TO FORM
A VALID PARTNERSHIP FOR TAX PURPOSES 310 § 13.03 ANTI-ABUSE REGULATIONS
311 § 13.04 MIXING BOWL TRANSACTIONS 314 A. INTRODUCTION 314 B. I.R.C. §
707(A)(2)(B) 316 C. I.R.C. § 704(C)(L)(B) 316 D. I.R.C. § 737 319 E.
I.R.C § 707(A)(2)(A) 321 F. I.R.C. § 732(F) 322 § 13.05 READING,
QUESTIONS AND PROBLEMS 323 A. READING 323 B. QUESTIONS AND PROBLEMS 323
|
| adam_txt |
PARTNERSHIP TAXATION SECOND EDITION RICHARD M. LIPTON, ESQ. PARTNER,
BAKER & MCKENZIE LLP PAUL CARMAN, ESQ. PARTNER, CHAPMAN & CATHER LLP
CHARLES FASSLER, ESQ. MEMBER, GREENEBAUM DOLL & MCDONALD PLLC WALTER D.
SCHWIDETZKY PROFESSOR OF LAW UNIVERSITY OF BALTIMORE SCHOOL OF LAW
GRADUATE TAX SERIES LEXISNEXIS TABLE OF CONTENTS ACKNOWLEDGMENTS V
INTRODUCTION THE SPIRIT OF PARTNERSHIPS AND PARTNERSHIP TAXATION 1
CHAPTER 1 DEFINING PARTNERSHIPS AND PARTNERS FOR TAX PURPOSES 11 § 1.01
INTRODUCTION 11 § 1.02 THE EXISTENCE OF A BUSINESS ENTITY 11 § 1.03
CLASSIFYING PARTNERSHIPS FOR TAX PURPOSES 13 A. THE NATURE OF
PARTNERSHIPS 13 B. THE CLASSIFICATION OF DOMESTIC BUSINESS ENTITIES 14
C. THE CLASSIFICATION OF NON-U.S. BUSINESS ENTITIES 15 D. RECLASSIFYING
PARTNERSHIPS AS CORPORATIONS 16 1. AN ELECTION UNDER TREAS. REG. §
301.7701-3 16 2. PUBLICLY TRADED PARTNERSHIPS 16 3. TAXABLE MORTGAGE
POOLS 17 § 1.04 DISTINGUISHING PARTNERSHIPS FROM OTHER CONTRACTUAL
ARRANGEMENTS 17 A. DISTINGUISHING PARTNERSHIPS FROM LOANS 18 B.
DISTINGUISHING PARTNERSHIPS FROM SERVICE AGREEMENTS 19 C. DISTINGUISHING
PARTNERSHIPS FROM LEASES 19 D. DISTINGUISHING PARTNERSHIPS FROM OTHER
CO-OWNERSHIPS 20 § 1.05 DETERMINING WHO IS A PARTNER 21 § 1.06 ELECTING
OUT OF SUBCHAPTER K 23 § 1.07 AGGREGATE AND ENTITY THEORIES OF
PARTNERSHIP TAXATION . 24 § 1.08 COMPARISON WITH S CORPORATIONS 25 §
1.09 READING, QUESTIONS AND PROBLEMS 26 A. READING 26 B. QUESTIONS AND
PROBLEMS 26 CHAPTER 2 FORMATION OF THE PARTNERSHIP 31 § 2.01
INTRODUCTION 31 VN VIII TABLE OF CONTENTS § 2.02 TRANSFER OF PROPERTY TO
PARTNERSHIP 31 A. GENERAL RULES 31 B. WHAT CONSTITUTES PROPERTY 32 1.
CASH 32 2. CONTRACT RIGHTS 32 A. PROMISSORY NOTES 32 I. CONTRIBUTOR'S
PROMISSORY NOTE 32 II. THIRD PARTY NOTE 32 III. INSTALLMENT NOTE 33 IV.
PARTNERSHIP'S INDEBTEDNESS TO THE PARTNER 33 B. RIGHT TO ACQUIRE
PROPERTY 35 3. SERVICES 35 4. ASSIGNMENT OF INCOME 35 5. RIGHT TO USE
PROPERTY 36 6. RECAPTURE PROPERTY 36 7. INVENTORY AND UNREALIZED
RECEIVABLES 37 8. RECAPITALIZATIONS 37 C. WHEN IS PROPERTY CONTRIBUTED?
38 D. EFFECT ON DEPRECIABLE ASSETS 39 E. STOCK OF CORPORATE PARTNERS 39
F. DISREGARDED ENTITY BECOMING PARTNERSHIP 39 G. UNDERWRITTEN
PARTNERSHIP INTERESTS 40 § 2.03 TRANSFERS TO INVESTMENT COMPANIES 41 A.
TAXABILITY OF TRANSFER 41 § 2.04 EFFECT OF RECEIPT OF BOOT ' 42 § 2.05
EFFECT OF LIABILITIES 42 § 2.06 BASIS OF PARTNERSHIP INTEREST TO PARTNER
43 § 2.07 HOLDING PERIOD OF PARTNERSHIP INTEREST 44 § 2.08 PARTNERSHIP'S
BASIS FOR CONTRIBUTED PROPERTY 45 § 2.09 PARTNERSHIP'S HOLDING PERIOD
FOR PROPERTY RECEIVED 45 § 2.10 CHARACTER OF GAIN OR LOSS FROM SALE OF
CONTRIBUTED PROPERTY 46 A. CONTRIBUTIONS OF ORDINARY INCOME ASSETS 46 1.
UNREALIZED RECEIVABLES 46 2. INVENTORY ITEMS 46 TABLE OF CONTENTS IX B.
CONTRIBUTIONS OF CAPITAL LOSS PROPERTY 46 C. TAX-FREE TRANSFERS 47 §
2.11 ORGANIZATION AND SELLING EXPENSES 47 A. SELLING EXPENSES : 47 B.
ORGANIZATION EXPENSES 47 § 2.12 READING, QUESTIONS AND PROBLEMS 48 A.
READING 48 B. QUESTIONS AND PROBLEMS 49 CHAPTER 3 OUTSIDE BASIS AND
ALLOCATION OF LIABILITIES 51 § 3.01 INTRODUCTION 51 § 3.02 RELEVANCE OF
OUTSIDE BASIS 51 A. GAIN OR LOSS 51 B. LIMITATION ON LOSS 51 C. EFFECT
ON DISTRIBUTIONS 52 1. CASH DISTRIBUTIONS 52 2. PROPERTY DISTRIBUTIONS
52 § 3.03 GENERAL RULES FOR COMPUTING BASIS 52 A. STARTING POINT 52 1.
CAPITAL CONTRIBUTIONS 53 2. PURCHASE OF A PARTNERSHIP INTEREST 53 3.
GIFTS 53 4. INHERITED PARTNERSHIP INTEREST 53 B. ADJUSTMENTS TO BASIS OF
PARTNERSHIP INTEREST*GENERALLY . 53 C. SPECIAL ADJUSTMENTS 54 1.
TAX-EXEMPT INCOME 54 2. NATURAL RESOURCES PROPERTY 54 3. NONDEDUCTIBLE
EXPENDITURES 55 4. DISTRIBUTIONS 55 D. NO NEGATIVE BASIS 56 E. TIME FOR
COMPUTING BASIS 56 F. ORDERING RULES 56 § 3.04 EFFECT OF PARTNERSHIP
LIABILITIES 57 A. GENERAL RULES 57 X TABLE OF CONTENTS B. DEFINITION OF
RECOURSE AND NONRECOURSE LIABILITIES 58 1. DEFINITION OF LIABILITY 58 2.
DEFINITION OF RECOURSE LIABILITY 58 3. ASSUMPTION OF LIABILITY 61 4.
DEFINITION OF NONRECOURSE LIABILITY 61 5. BIFURCATED LIABILITY 61 C.
ALLOCATION OF RECOURSE LIABILITIES 62 D. ALLOCATION OF NONRECOURSE
LIABILITIES 63 E. CONTRIBUTIONS AND DISTRIBUTIONS OF ENCUMBERED PROPERTY
. 65 F. TIERED PARTNERSHIPS 66 G. SALES OF PARTNERSHIP INTERESTS 67 H.
ANTI-ABUSE RULE 68 1. ASSUMPTION BY PARTNERSHIP 68 2. TRANSFER OF
PARTNERSHIP INTEREST 69 3. ASSUMPTION OF § 1.752-7 LIABILITY 70 § 3.05
READING, QUESTIONS AND PROBLEMS 70 A. READING 70 B. QUESTIONS AND
PROBLEMS 71 CHAPTER 4 OPERATION OF THE PARTNERSHIP: CALCULATION OF
PARTNERSHIP TAXABLE INCOME 73 § 4.01 INTRODUCTION 73 § 4.02 PASS-THROUGH
NATURE OF PARTNERSHIP 73 § 4.03 COMPUTING INCOME, GAIN, LOSS, DEDUCTIONS
AND CREDITS OF PARTNERSHIP * 73 A. GENERALLY 73 B. TAXABLE INCOME OF THE
PARTNERSHIP 74 C. SEPARATELY COMPUTED ITEMS 74 1. GAINS AND LOSSES FROM
SALES 74 2. CHARITABLE CONTRIBUTIONS 75 3. DIVIDEND INCOME 75 4. FOREIGN
TAXES PAID 75 5. OTHER ITEMS 75 D. BOTTOM LINE PROFIT OR LOSS 76 TABLE
OF CONTENTS XI § 4.04 ELECTIONS 77 § 4.05 ACCOUNTING METHOD 77 A. C
CORPORATION IS PARTNER 77 1. FARMING BUSINESS 77 2. QUALIFIED PERSONAL
SERVICE CORPORATION 78 3. SMALL CORPORATIONS 78 B. TAX SHELTERS 80 1.
REGISTERED OFFERING 80 2. SYNDICATE 80 3. TAX SHELTER 81 C. FARMING
PARTNERSHIPS 81 1. PARTNERSHIPS HAVING CORPORATIONS AS PARTNERS 81 2.
FARMING SYNDICATE 82 § 4.06 CHARACTERIZATION 82 A. DEALER STATUS 82 B.
HOLDING PERIOD 83 C. HOBBY LOSS RULES 83 D. LIKE-KIND EXCHANGES AND
INVOLUNTARY CONVERSIONS 83 E. DISCHARGE OF INDEBTEDNESS INCOME 84 § 4.07
LOSS LIMITATION RULES 84 A. BASIS LIMITATION 84 B. AT RISK RULES 85 1.
LIMITATIONS ON LOSSES TO AMOUNT AT RISK 85 2. CALCULATIONS OF AMOUNT AT
RISK 85 3. NONRECOURSE FINANCING 86 4. CARRYOVER OF DISALLOWED LOSSES 87
5. APPLICABILITY TO PARTNERSHIPS 87 6. DISPOSITION OF ACTIVITY OR
PARTNERSHIP INTEREST 88 C. PASSIVE LOSS LIMITATION 88 1. LOSS
DISALLOWANCE RULE 88 2. PASSIVE ACTIVITY 89 3. MATERIAL PARTICIPATION 90
D. DISPOSITION OF PARTNERSHIP INTEREST 91 TABLE OF CONTENTS § 4.08
TAXABLE YEAR OF PARTNERSHIP 92 A. REQUIRED TAXABLE YEARS 92 B. BUSINESS
PURPOSE 95 C. I.R.C. § 444 ELECTION 96 § 4.09 READING, QUESTIONS AND
PROBLEMS 96 A. READING 96 B. QUESTIONS AND PROBLEMS 97 CHAPTER 5
OPERATION OF A PARTNERSHIP: ALLOCATION OF PARTNERSHIP INCOME AND LOSSES
101 § 5.01 INTRODUCTION 101 § 5.02 CAPITAL ACCOUNTS 102 § 5.03
SUBSTANTIAL ECONOMIC EFFECT RULES 103 A. INTRODUCTION 103 B. ECONOMIC
EFFECT RULES 103 1. "REGULAR" RULES 103 2. ALTERNATE ECONOMIC EFFECT
RULES 106 3. ECONOMIC EFFECT EQUIVALENCE 109 C. SUBSTANTIALITY 109 1.
GENERAL RULES 109 2. SHIFTING AND TRANSITORY ALLOCATIONS 110 3.
DEPRECIATION/RECAPTURE GAIN CHARGEBACKS 112 4. TAX CREDITS 113 5. "Q"
ADJUSTMENTS 113 § 5.04 PARTNER'S INTEREST IN THE PARTNERSHIP 114 § 5.05
BOOK-TAX DISPARITIES*I.R.C. § 704(C) ALLOCATIONS 115 A. INTRODUCTION 115
B. I.R.C. § 704(C) METHODS OF ALLOCATION 117 1. THE TRADITIONAL METHOD
117 2. TRADITIONAL METHOD WITH CURATIVE ALLOCATIONS 118 3. REMEDIAL
METHOD 119 4. DEPRECIATION 120 5. OTHER CONSIDERATIONS 121 C. NEW I.R.C.
§ 704(C)(L)(C) 122 TABLE OF CONTENTS XIII § 5.06 REVERSE I.R.C. § 704(C)
ALLOCATIONS 123 § 5.07 ALLOCATIONS OF NONRECOURSE DEDUCTIONS 125 A.
INTRODUCTION 125 B. THE REGULATORY SAFE HARBOR 127 C. SUBSEQUENT
NONRECOURSE BORROWING 131 § 5.08 FAMILY MEMBERS AS PARTNERS 132 A.
INTRODUCTION 132 B. PRE-I.R.C. § 704(E) CASE LAW 132 C. I.R.C. § 704(E)
133 § 5.09 CHANGES IN PARTNERSHIP INTERESTS DURING THE TAX YEAR . 134
§ 5.10 READING, QUESTIONS AND PROBLEMS 135 A. I.R.C. § 704(B) 135 B.
I.R.C. § 704(C) 137 C. NONRECOURSE DEDUCTIONS 138 D. FAMILY ALLOCATIONS
139 E. CHANGES IN PARTNERSHIP INTERESTS DURING THE TAX YEAR 140 CHAPTER
6 DISPOSITIONS OF PARTNERSHIP INTERESTS 141 § 6.01 INTRODUCTION 141 §
6.02 RECOGNITION OF GAIN OR LOSS 141 A. AMOUNT REALIZED 141 B. BASIS 142
§ 6.03 CHARACTER OF GAIN OR LOSS 143 A. GENERAL RULE 143 B. UNREALIZED
RECEIVABLES AND INVENTORY ITEMS 143 1. ORDINARY INCOME RECOGNITION 143
2. UNREALIZED RECEIVABLES 143 3. INVENTORY ITEMS 144 § 6.04 HOLDING
PERIOD 145 § 6.05 INSTALLMENT SALES 145 § 6.06 DISPOSITIONS OTHER THAN
SALES OR EXCHANGES 146 A. GIFTS AND CHARITABLE CONTRIBUTIONS 146 B.
DEATH OF A PARTNER 148 C. EXCHANGES OF PARTNERSHIP INTEREST * 148 XIV
TABLE OF CONTENTS D. ABANDONMENT AND WORTHLESSNESS 149 E. CONVERSION TO
CORPORATION 150 F. TRANSFERS TO OTHER PARTNERSHIPS 151 § 6.07 OPTIONAL
ADJUSTMENT TO BASIS OF PARTNERSHIP PROPERTY 151 A. I.R.C. § 743(B) 152
B. MAKING THE I.R.C. § 754 ELECTION 153 C. EFFECT OF I.R.C. § 743(B) 154
D. COMPUTATION OF TRANSFEREE'S PROPORTIONATE SHARE OF ADJUSTED BASIS 155
E. ALLOCATION OF BASIS ADJUSTMENT AMONG PARTNERSHIP ASSETS . . . 156 F.
ADDITIONAL ASPECTS OF ADJUSTMENT 158 1. TRANSFER OF PARTNERSHIP INTEREST
158 2. DISTRIBUTION OF PARTNERSHIP PROPERTY 158 3. CONTRIBUTION OF
PROPERTY TO LOWER-TIER PARTNERSHIP 158 4. CONTRIBUTION OF PROPERTY TO
CORPORATION 159 5. COMPUTATION OF INCOME AND EXPENSES 159 6. SPECIAL
BASIS ADJUSTMENT AND DEPRECIABLE PROPERTY 159 7. RETURN FILING
REQUIREMENTS 160 § 6.08 ALLOCATION OF INCOME AND LOSS 161 A. CLOSING OF
PARTNERSHIP TAXABLE YEAR 161 B. SALE OF ENTIRE INTEREST 161 C. METHODS
OF ALLOCATION 162 D. SALE OF LESS THAN ENTIRE INTEREST 162 E. ANTI-ABUSE
RULE 162 § 6.09 TERMINATION OF PARTNERSHIPS 163 A. WHAT TRANSACTIONS ARE
TAKEN INTO ACCOUNT 163 B. COMPUTING CAPITAL AND PROFITS 165 C. THE
TWELVE MONTH RULE 166 D. EFFECT OF PARTNERSHIP TERMINATION 166 1.
TRANSACTIONS DEEMED TO OCCUR 166 2. EMPLOYER IDENTIFICATION NUMBER 166
3. ELECTIONS 167 4. I.R.C. §§ 704(C)(L)(B) AND 737 167 5. DEPRECIATION
AND AMORTIZATION 167 TABLE OF CONTENTS XV § 6.10 READING, QUESTIONS AND
PROBLEMS 168 A. READING 168 B. QUESTIONS AND PROBLEMS 169 CHAPTER 7
PARTNERSHIP DISTRIBUTIONS 171 § 7.01 INTRODUCTION 171 § 7.02
NONLIQUIDATING DISTRIBUTIONS OF MONEY 171 § 7.03 NONLIQUIDATING
DISTRIBUTIONS OF PROPERTY 172 A. GENERAL RULES 172 B. OUTSIDE BASIS LESS
THAN INSIDE BASIS 173 C. MARKETABLE SECURITIES 174 § 7.04 CAPITAL
ACCOUNTS 176 § 7.05 I.R.C. § 732(D) 176 §7.06 THE SALE OF DISTRIBUTED
PROPERTY 177 § 7.07 I.R.C. § 734(B) ADJUSTMENTS 178 A. INTRODUCTION 178
B. THE DEVIL IS IN THE DETAILS 179 C. MANDATORY "AS IF" I.R.C. § 754
ELECTIONS 182 § 7.08 SHIFTS IN ORDINARY INCOME PROPERTY 183 A.
INTRODUCTION 183 B. UNREALIZED RECEIVABLES AND SUBSTANTIALLY APPRECIATED
INVENTORY 183 C. THE NUTS AND BOLTS 185 § 7.09 LIQUIDATIONS OF
PARTNERSHIPS AND PARTNERSHIP INTERESTS . 191 A. INTRODUCTION 191 B.
LIQUIDATIONS OF THE PARTNERSHIP OR OF A PARTNERSHIP INTEREST .,. 191 C.
I.R.C. § 736 PAYMENTS 193 1. INTRODUCTION 193 2. I.R.C. § 736(A)
PAYMENTS 194 3. I.R.C. § 736(B) PAYMENTS 195 4. ALLOCATING AND TAXING
I.R.C. § 736 PAYMENTS 195 § 7.10 READING, QUESTIONS AND PROBLEMS 199 A.
NONLIQUIDATING DISTRIBUTIONS 199 B. I.R.C. § 734(B) 200 C. I.R.C. §
751(B) 201 D. LIQUIDATIONS \ . . . 201 XVI TABLE OF CONTENTS CHAPTER 8
TRANSACTIONS BETWEEN PARTNER AND PARTNERSHIP; ISSUANCE OF A PARTNERSHIP
INTEREST FOR SERVICES . 203 § 8.01 INTRODUCTION 203 § 8.02 THE
DIFFERENT ROLES OF PARTNERS IN TRANSACTIONS WITH A PARTNERSHIP 203 §
8.03 PAYMENTS TO A PARTNER AS A PARTNER OTHER THAN GUARANTEED PAYMENTS
203 § 8.04 GUARANTEED PAYMENTS 204 § 8.05 PAYMENTS TO A PARTNER OTHER
THAN IN HIS OR HER CAPACITY AS A PARTNER 205 § 8.06 DISGUISED SALES 208
A. THE DISGUISED SALE OF ASSETS 208 B. THE DISGUISED SALE OF PARTNERSHIP
INTERESTS 214 § 8.07 LIMITATIONS ON RECOGNITION OF LOSSES AND
RECHARACTERIZATION OF GAINS IN RELATED PARTY TRANSACTIONS 217 A.
LIMITATIONS ON RECOGNITION OF LOSSES 217 B. RECHARACTERIZATION OF GAINS
218 § 8.08 ISSUANCE OF A CAPITAL INTEREST IN EXCHANGE FOR SERVICES 219
A. BACKGROUND 219 B. EXPLANATION OF PROVISIONS OF THE COMPENSATORY
INTEREST PROPOSED REGULATIONS 220 § 8.09 COMPARISON WITH S CORPORATIONS
222 § 8.10 READING, QUESTIONS AND PROBLEMS 222 A. READING 222 B.
QUESTIONS AND PROBLEMS 222 CHAPTER 9 BUSINESS COMBINATIONS: PARTNERSHIP
MERGERS AND DIVISIONS 227 § 9.01 INTRODUCTION 227 § 9.02 PARTNERSHIP
MERGERS 227 A. GENERAL RULES 227 B. FORM OF A MERGER 229 C. BUILT-IN
GAIN RESULTING FROM THE MERGER 231 D. BUY-OUT RULE 233 § 9.03
PARTNERSHIP DIVISIONS 234 A. GENERAL RULES 234 TABLE OF CONTENTS XVII B.
FORM OF A DIVISION 236 C. BUILT-IN GAIN IN DIVISIONS 236 § 9.04 THE
EFFECT ON THE PARTNERS AND THE PARTNERSHIP 237 § 9.05 COMPARISON WITH S
CORPORATIONS 238 A. MERGERS AND ACQUISITIONS 238 B. CORPORATE DIVISIONS
239 § 9.06 READING, QUESTIONS AND PROBLEMS 240 CHAPTER 10 PARTNERSHIP
OPTIONS 243 § 10.01 INTRODUCTION 243 § 10.02 BACKGROUND FOR
NONCOMPENSATORY OPTIONS 243 § 10.03 SCOPE OF PROPOSED REGULATIONS ON
NONCOMPENSATORY OPTIONS 246 § 10.04 ISSUANCE, LAPSE, AND
STRAIGHT-FORWARD EXERCISE OF NONCOMENSATORY OPTIONS 246 § 10.05
COMPLICATIONS ON THE EXERCISE OF NONCOMPENSATORY OPTIONS 249 A. NEW
PARTNER ENTERS WHILE OPTION OUTSTANDING 249 B. CORRECTIVE ALLOCATIONS
254 § 10.06 OPTION HOLDER TREATED AS PARTNER 256 § 10.07 COMPENSATORY
OPTIONS 259 A. ISSUANCE OF A COMPENSATORY OPTION 260 B. EXERCISE OF
COMPENSATORY OPTION 260 C. REPURCHASE OR SALE OF OPTION 260 D. EFFECT OF
OUTSTANDING OPTION 261 E. RECHARACTERIZATION RULE : 261 § 10.08 READING
262 CHAPTER 11 I.R.C. § 197 INTANGIBLES AMORTIZATION . 263 § 11.01
INTRODUCTION 263 § 11.02 SUMMARY OF I.R.C. § 197 263 § 11.03 GENERAL
RULES APPLICABLE TO PARTNERSHIPS UNDER I.R.C. § 197 264 A. CONTRIBUTIONS
264 B. DISTRIBUTIONS 265 C. TERMINATIONS . L . . . 266 XVIII TABLE OF
CONTENTS D. BASIS ADJUSTMENTS 266 E. ALLOCATIONS IN REGARD TO BUILT-IN
GAIN 267 § 11.04 ANTI-CHURNING RULES APPLICABLE TO PARTNERSHIPS UNDER
I.R.C. § 197 268 A. GENERAL RULES 268 B. CONTRIBUTIONS 270 C.
DISTRIBUTIONS 271 D. ADJUSTMENTS TO BASIS OF PARTNERSHIP PROPERTY 273 E.
PARTNER'S USE OF PARTNERSHIP PROPERTY 276 § 11.05 COMPARISON WITH S
CORPORATIONS 277 § 11.06 READING, QUESTIONS AND PROBLEMS 277 A. READING
277 B. QUESTIONS AND PROBLEMS 277 CHAPTER 12 FOREIGN PARTNERSHIPS,
FOREIGN PARTNERS AND PARTNERSHIPS WITH TAX-EXEMPT ENTITIES 279 § 12.01
INTRODUCTION 279 § 12.02 FOREIGN PARTNERSHIPS 279 A. CLASSIFICATION 279
B. FOREIGN TAX CREDIT RULES IN REGARD TO FOREIGN PARTNERSHIPS 280 C.
CONTROLLED FOREIGN CORPORATIONS AS PARTNERS IN FOREIGN PARTNERSHIPS 281
D. U.S. SOURCE OF INCOME RULES IN REGARD TO FOREIGN PARTNERSHIPS 285 E.
THE HYBRID ENTITY RULES 285 § 12.03 U.S. PARTNERSHIPS WITH FOREIGN
PARTNERS 286 A. GENERAL RULES RELATING TO U.S. TAXATION OF FOREIGN
PERSONS . 286 B. WITHHOLDING OBLIGATIONS IN REGARD TO FDAP INCOME 289 C.
WITHHOLDING IN REGARD TO INCOME EFFECTIVELY CONNECTED WITH A U.S. TRADE
OR BUSINESS 289 D. BRANCH PROFITS TAX 291 E. DISPOSITION OF INTERESTS IN
U.S. PARTNERSHIPS BY NON-U.S. PERSONS 291 § 12.04 PARTNERSHIPS WITH
TAX-EXEMPT ENTITIES 292 TABLE OF CONTENTS XIX A. IMPACT ON THE
ORGANIZATION'S EXEMPT STATUS 292 B. UNRELATED BUSINESS TAXABLE INCOME
293 C. DEBT-FINANCED INCOME 295 § 12.05 LIMITATIONS ON DEDUCTIONS
ALLOCABLE TO PROPERTY USED BY TAX-EXEMPT ENTITIES 297 A. GENERAL RULE ON
LIMITATION ON LOSSES 297 B. SPECIAL APPLICATION TO PARTNERSHIPS 298 C.
EXCEPTIONS 299 D. APPLICATION TO LIKE-KIND EXCHANGES AND CONDEMNATIONS .
. . 300 § 12.06 COMPARISON WITH S CORPORATIONS 301 § 12.07 READING,
QUESTIONS AND PROBLEMS 301 A. READING 301 B. QUESTIONS AND PROBLEMS 301
CHAPTER 13 ANTI-ABUSE PROVISIONS 305 § 13.01 INTRODUCTION 305 § 13.02
JUDICIAL DOCTRINES 305 A. INTRODUCTION 305 B. SUBSTANCE OVER FORM 306 C.
BUSINESS PURPOSE 308 D. STEP TRANSACTION DOCTRINE 309 E. FAILURE TO FORM
A VALID PARTNERSHIP FOR TAX PURPOSES 310 § 13.03 ANTI-ABUSE REGULATIONS
311 § 13.04 MIXING BOWL TRANSACTIONS 314 A. INTRODUCTION 314 B. I.R.C. §
707(A)(2)(B) 316 C. I.R.C. § 704(C)(L)(B) 316 D. I.R.C. § 737 319 E.
I.R.C § 707(A)(2)(A) 321 F. I.R.C. § 732(F) 322 § 13.05 READING,
QUESTIONS AND PROBLEMS 323 A. READING 323 B. QUESTIONS AND PROBLEMS 323 |
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| spelling | Partnership taxation Richard M. Lipton ... 2. ed. Newark, NJ [u.a.] LexisNexis 2008 XX, 324, [28] S. txt rdacontent n rdamedia nc rdacarrier Graduate tax series Steuer Partnership Taxation United States USA Lipton, Richard M. Sonstige oth GBV Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016733250&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
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| title | Partnership taxation |
| title_auth | Partnership taxation |
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| title_full_unstemmed | Partnership taxation Richard M. Lipton ... |
| title_short | Partnership taxation |
| title_sort | partnership taxation |
| topic | Steuer Partnership Taxation United States |
| topic_facet | Steuer Partnership Taxation United States USA |
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