Table of Contents
Chapter 1 - Introduction - Section 1
Election for Husband & Wife Unincorporated
Businesses
Chapter 1 - Section 1 Review Questions
Chapter 1 - Introduction - Section 2
Definition of Trade or Business
Chapter 1 - Section 2 Review Questions
Chapter 1 - Introduction - Section 3
Publicly Traded Partnerships - '7704
Chapter 1 - Section 3 Review Questions
Chapter 1 - Introduction - Section 4
Exclusion from Partnership Treatment - '761
Chapter 1 - Section 4 Review Questions
Chapter 2 - Partnership Income - Section 5
Proposed Amendments to Limited Partner Regs
Exception - Separate Entity for Some Purposes
Chapter 2 - Section 5 Review Questions
Chapter 2 - Partnership Income - Section 6
Partnership Expenses Paid By a Partner
Character of Items & Limitations
Outside Basis Limitation - '704(d)
Effect of Losses on Outside Basis - '705
Chapter 2 - Section 6 Review Questions
Chapter 2 - Partnership Income - Section 7
Organization & Syndication Fees - '709
Business Start-up Costs - '195
Failure to Furnish Copies to Partners
Chapter 2 - Section 7 Review Questions
Chapter 2 - Partnership Income - Section 8
Limitation on Choice of Taxable Year
Chapter 2 - Section 8 Review Questions
Chapter 2 - Partnership Income - Section 9
Limitations on Changing a Tax Year
Making the Election - Form 8716
Chapter 2 - Section 9 Review Questions
Chapter 2 - Partnership Income - Section 10
Events That Terminate Partnership - '708(b)
Sale of 50% or More Interest (Technical Termination)
- Repealed
Events That Do Not Close the Year - '706(c)
Sale of Individual Partners Interest
Change for Closing of Partnership Taxable Year
Admission of New Partners - '706(d)
Daily Allocation Required for Cash Items
Chapter 2 - Section 10 Review Questions
Chapter 2 - Partnership Income - Section 11
Transactions Between Partner and Partnership
Treating Partner as Stranger - '707(a)
Payments by Accrual Basis Partnership to Cash
Basis Partner
Prepaid & Capital Expenses - '707(c)
Organization & Syndication Expenses - '709
Stranger Payment vs. Guaranteed Payment
Recipient of Salary as an Employee
Accident & Health Insurance Premiums
Certain Losses Disallowed - '707(b)
Chapter 2 - Section 11 Review Questions
Chapter 3 - Contributions to Partnerships -
Section 12
Contributions of Property - '721
Contribution vs. Sale or Exchange
Disguised Taxable Exchanges - '704 & '737
Precontribution Gain or Loss Property
Property Distribution to Contributing Partner -
'737
Contributed Property Distribution to Another
Partner - '704(c)
Seven Year Period (Formerly Five)
Allocation Methods for Precontribution Gain or
Loss
Transfers to Investment Company Type Partnerships
- '721(b)
Chapter 3 - Section 12 Review Questions
Chapter 3 - Contributions to Partnerships -
Section 13
Contributed Assets Inside (Partnership) Basis -
'723
Allocations as to Contributed Property - '704(c)
Earlier Optional Application of '704(c)
Character of Subsequent Loss - '724(c)
Chapter 3 - Section 13 Review Questions
Chapter 3 - Contributions to Partnerships -
Section 14
Basis of Partners Interest - Outside Basis
Deemed Distribution & Contribution
Special Rule for Liabilities of Cash Basis
Partnership
Partners Share of Partnership Liabilities
Chapter 3 - Section 14 Review Questions
Chapter 3 - Contributions to Partnerships -
Section 15
Limits on Deduction of Partnership Losses
Exception for Real Estate Loans
Chapter 3 - Section 15 Review Questions
Chapter 3 - Contributions to Partnerships -
Section 16
Chapter 3 - Section 16 Review Questions
Chapter 4 - Sales & Exchanges of Partnership
Interests - Section 17
Capital Asset Treatment - '741
Importance of Capital Treatment
Regs on Gain on Sale of Passthrough Entities -
'1(H)
Transfers to Controlled Corporations - '351
Chapter 4 - Section 17 Review Questions
Chapter 4 - Sales & Exchanges of Partnership
Interests - Section 18
Elimination of Substantial Requirement
Chapter 4 - Section 18 Review Questions
Chapter 4 - Sales & Exchanges of Partnership
Interests - Section 19
Inside Basis after Transfer of Partnership
Interest
Special Inside Basis Adjustment - '754 &
'743(b)
Chapter 4 - Section 19 Review Questions
Chapter 5 - Partnership Distributions - Section
20
General Nonrecognition Rule - '731
Liquidating or Complete Distribution
Allocation of Basis When Limited - '732(c)
Partnerships Basis Greater Than Partners Basis
Partners Basis Greater Than Partnerships Basis
Partnership Property - '754 & '734
Basis Allocation on Properties Distributed By a
Partnership
Distributions of Receivables or Inventory
Disproportionate Distribution - '751(b)
Basis for Property Received in Disproportionate
Distribution
Chapter 5 - Section 20 Review Questions
Chapter 6 - Partnership Liquidations - Section 21
Types of Liquidating Distributions
Liquidating Distributions of Money
Exclusions From '736(b) Treatment
Chapter 6 - Section 21 Review Questions
Chapter 6 - Partnership Liquidations - Section 22
Distributions of Property in Liquidation
Distributions of Unrealized Receivables or
Inventory
Liquidating Disproportionate Distributions
Basis Adjustment after Distributions
Additional Adjustments Required by '734
Chapter 6 - Section 22 Review Questions
Chapter 7 - Limited Liability Companies - Section
23
Advantages of LLCs over C Corporation
Advantages of LLCs over S Corporations
Chapter 7 - Section 23 Review Questions
Chapter 7 - Limited Liability Companies - Section
24
Advantages of LLCs over Limited Partnerships
Outside Basis & Debt Share Advantage
Substantial Economic Effect Rules - '704(b)
Discharge of Indebtedness Income
Advantages of LLCs over General Partnerships
Chapter 7 - Section 24 Review Questions
Chapter 7 - Limited Liability Companies - Section
25
Corporations Filing Consolidated Returns
Proposed Amendments to Limited Partner Regs -
'1402
Bipartisan Budget Act of 2015 Centralized System
Conversion of Partnership to LLC
Conversion of S Corporation to LLC
Conversion of C Corporation to LLC
Chapter 7 - Section 25 Review Questions