Questions from Individual Taxation

Q: Compare and contrast the aggregate and entity concepts for taxing partnerships and

Compare and contrast the aggregate and entity concepts for taxing partnerships and their partners.

Q: What is a partnership interest, and what specific economic rights or

What is a partnership interest, and what specific economic rights or entitlements are included with it?

Q: What is the rationale for requiring partners to defer most gains and

What is the rationale for requiring partners to defer most gains and all losses when they contribute property to a partnership?

Q: Under what circumstances is it possible for partners to recognize gain when

Under what circumstances is it possible for partners to recognize gain when contributing property to partnerships?

Q: What is inside basis and outside basis, and why are they

What is inside basis and outside basis, and why are they relevant for taxing partnerships and partners?

Q: What is recourse and nonrecourse debt, and how is each generally

What is recourse and nonrecourse debt, and how is each generally allocated to partners?

Q: How does the amount of debt allocated to a partner affect the

How does the amount of debt allocated to a partner affect the amount of gain a partner recognizes when contributing property secured by debt?

Q: What is a tax basis capital account, and what type of

What is a tax basis capital account, and what type of tax-related information does it provide?

Q: Richard Meyer and two friends from law school recently formed Meyer and

Richard Meyer and two friends from law school recently formed Meyer and Associates as a limited liability partnership (LLP). Income from the partnership will be split equally among the partners. The p...

Q: The partnership agreement of the G&P general partnership states that

The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $13,000, and that Gary and Prudence will share the remaining profits or losses in a 45/55...