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This book helps addresses the tax consequences of the most common transactions engaged in by limited liability corporations (LLCs)and partnerships. You will develop a level of comfort with the basic conceptual framework underlying partnership and LLC taxation, as well as gain an explanation of the tax consequences associated with issues most frequently confronted by tax practitioners. Topics covered include: basic tax structure of partnerships and LLCs; electing to be taxed as a partnership: check-the-box rules; tax consequences of partnership or LLC formation; partnership distributions; compensatory payments to partners; at-risk and passive activity limits; profit and loss allocations: general rules and restrictions; and reporting taxable income for partnerships and LLCs.
|Publication date:||11th August 2020|
|Author:||Larry Tunnell, Robert Ricketts|
|Publisher:||John Wiley & Sons Inc|
|Format:||Paperback / softback|
Larry Tunnell, Ph.D., CPA, is a professor in the accounting department at New Mexico State Univeristy. Robert Ricketts, Ph.D., CPA, is the Frank M. Burke Chair in Taxation, Department Head of Accounting at the Rawls College of Business, Texas Tech University. He has written numerous books on the taxation of partnerships and limited liability companies.More About Larry Tunnell, Robert Ricketts