The Mechanics Toolbox Series is designed to identify and describe the mechanical intricacies and challenges of taxation. This installment of the Series is focused on Partnerships. Partnerships have great flexibility in how they operate; however, when decision makers are evaluating the impact of the flexibility that partnerships have, the tax implications of that flexibility are often over simplified making it difficult for decision makers to fully understand the impact to the partnership and the partners. This installment in the Series is intended to take participants on a journey that recognizes the complexities that key decisions makers are faced with regarding partnerships. This installment of this series starts with simple examples, but then moves to complex scenarios so that participants get a complete understanding of progressive complexity in connection with how a decision might impact the partnership and the partners. This session will cover the fundamentals of partnership taxation, and include a discussion on scenarios that may lead to surprising or unexpected tax consequences. This session will address the following topics: Contributions to and Distributions from a partnership aren't taxable, right? Having "fun" with basis and depreciation computations when certain partnership transactions arise, and liability allocations matter more than one might think.
Recommended Field of Study:
- Describe situations in which contributions to and distributions from a partnership may be taxable
- Define complexities with basis tracking and depreciation computations as a result of certain partnership transactions
- Identify the tax impact liability allocations can have on partners
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