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 a brief overview of the 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 elections, partnership terminations, and liquidations.