Practical Guide to Partnerships and LLCs

Practical Guide to Partnerships and LLCs (3rd Edition), by Robert Ricketts and Larry Tunnell, discusses the complex issues involving partnership taxation with utmost clarity. It uses hundreds of illustrative examples, practice observations, helpful charts and insightful explanations to make even the most difficult concepts understandable. The book reflects the authors' penchant for communicating the pertinent facts in very direct language and creating a context for understanding the multifaceted issues and applying them to practice. This new edition fully reflects all the latest developments in this complex area, including important the following: 1. Proposed Regulations on the treatment of exchanges of services for partnership interests. 2. Instructions concerning the new Schedule M-3 required with Form 1065. 3. Recent guidance with respect to the flow through of items (from partnerships or LLCs) involved in the calculation of the Code Sec. 199 production activities deduction. 4. Proposed Regulations on partnership allocations of look-through entity partners. 5. Recent cases concerning the use of family limited partnerships as an estate planning tool. 6. Proposed Regulations concerning the treatment of disguised sales by partners and partnerships. In six parts, Partnerships and LLCs: Tax Practice and Analysis covers the critical aspects of this complicated area, with individual parts focusing on partnership characteristics, funding, taxation of operations, partner's share of partnership debt, disposition of partnership interest, and distributions. From choice-of-entity considerations to sales and liquidations, the entire breadth of partnership and LLC taxation is covered. Special attention is given throughout to the complex inter-workings of rules that bind, tax and control these entity operations. In the book's first part focused on preliminary considerations, the basic underpinnings are presented covering key areas such as the "check the box" rules, "an