PARTNERSHIPTAXATION-WVUCollegeofBusinessand合伙企业税收——西弗吉尼亚大学商业学院

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1、PARTNERSHIPTAXATIONPRESENTEDBYDR.AANEIDERMEYEROBJECTIVESTOKNOWPARTNERSHIPDEFINITIONTOUNDERSTANDBASICTAXRULESTOUNDERSTANDTAXREPORTINGTOBEAWAREOFSPECIALTREATMENTSTOKNOWADV/DISADVOFLLCsPARTNERSHIPTAXATIONRETURNSAREINFORMATIONALONLYINCOMEISCLASSIFIEDBYTYPEANDALLOCA

2、TEDTOPARTNERSINCOMEISTAXABLETOPARTNERSEVENTHOUGHTHEYDONOTHAVETORECEIVESAMEPARTNERSHIPSMAKEELECTIONSPARTNERSHIPDEFINITIONASYNDICATE,GROUP,POOL,JOINTVENTURE,OROTHERUNINCORPORATEDORGANIZATIONTHROUGHORBYMEANSOFWHICHANYBUSINESSISCARRIEDONANDWHICHISNOTCLASSIFIEDASACO

3、RPORATION,TRUSTORESTATEBUSINESSACTIVITYISREQUIREDSCOPEOFPARTNERSHIPSLIMITEDPARTNERSHIPSANDLIMITEDLIABILITYCOMPANIESARETREATEDASPARTNERSHIPSFORTAXPURPOSESPARTNERSHIPFORMATIONGENERALRULE:NOGAINORLOSSISRECOGNIZEDBYAPARTNERSHIPORANYOFITSPARTNERSWHENPROPERTYISCONTRI

4、BUTEDTOAPARTNERSHIPINEXCHANGEFORANINTERESTRULEAPPLIESONINITIALANDSUBSEQUENTCONTRIBUTIONSRULESEXCEPTIONSRECEIPTOFPARTNERSHIPINTERESTCONSTITUTESINCOMEIFRECEIVEDFORRENDERINGOFSERVICESIFENCUMBEREDPROPERTYISTRANSFERRED,AGAINWILLBERECOGNIZEDIFLIABILITYEXCEEDSBASISOFP

5、ROPERTYTRANSFERREDPARTNER’SBASISORIGINALBASISISEQUALTOTHEBASISOFTHEPROPERTYTRANSFERREDPLUSCASHCONTRIBUTEDTOTHEPARTNERSHIPIFAGAINWASRECOGNIZED,BASISISINCREASEDBYTHISAMOUNTIFALIABILITYWASASSUMED,BASISISREDUCEDBYTHISAMOUNTREPORTINGOFINCOMETWO-STEPREPORTINGREQUIRED

6、SEPARATEREPORTINGFOR:CAPITALGAINSANDLOSSES,SECTION1231GAINSANDLOSSESDIVIDENDS,INTERESTINCOME,CASUALTYGAINSANDLOSSES,TAX-EXEMPTINCOME,RETIREMENTCONTRIBUTIONS,CHARITABLECONTRIBUTIONSANDMOSTCREDITSORDINARYINCOMEISREPORTEDNEXTINCOMEREPORTINGLIMITATIONPARTNERSMUSTRE

7、COGNIZETHEAMOUNTSREPORTEDONTHEIRINDIVIDUALK-1FORMSFROMTHEPARTNERSHIPPARTNER’SDEDUCTIBLELOSSFORTHEYEARCANNOTEXCEEDHIS/HERBASISINTHEPARTNERSHIPUNUSEDLOSSES-CARRIEDOVERDISTRIBUTIONSANDGUARANTEEDPAYMENTSNORMALLYWILLNOTRESULTINACOMPLETETERMINATIONOFTHEPARTNER’SINTER

8、ESTGENERALLY,NOGAINORLOSSUNLESSBASISISZEROBASISOFPROPERTYRECEIVEDISSAMEAPARTNERSHIP’SBASISGUARANTEEDPAYMENTSPAYMENTSMADEFORSERVICESRENDEREDORFORUSEOFPARTNER’SCAPITALANDWITHO