Discuss the tax implications for the different types of partnership transactions, such as partner-partnership, partner-partner, partner-external partner. How are gains and losses allotted for each pass-through entity?
Part 1:
Discuss the tax implications for the different types of partnership transactions, such as partner-partnership, partner-partner, partner-external partner. How are gains and losses allotted for each pass-through entity?
Part 2:
Discuss the tax accounting rules regarding gains and losses on disposition of receivables and built-in loss properties. Go to www.irs.gov and research the topic of starting and terminating a partnership. Provide a synopsis of its definition for this discussion.