Advanced Taxation Issues for Partnerships and LLCs

Summary

This practice note begins by discussing some of the unique features of partnerships and LLCs and provides an introduction to the new partnership audit rules. The practice note then provides a discussion of the more advanced issues in partnership taxation, including the ability to allocate items of income, gain, loss, deduction, and credit; partnership distributions and liabilities; and I.R.C. Section 754 election, partnership terminations, and liquidation.