영문목차
Table of Statutes=xv
Table of Regulations=xxi
Table of Cases=xxix
Table of Administrative Authorities=xxxi
Table of Secondary Sources=xxxiii
Series Editor's Foreword=xxxv
Preface=xxxvii
Acknowledgment=xxxix
Chapter 1. An Overview of Subchapter K=3
Roadmap=3
A. Introduction=3
B. Types of Business Entities=5
1. Sole Proprietorships=6
2. C Corporations=6
3. Partnerships=7
4. S Corporations=9
C. Limited Liabilities Companies=9
D. Choice of Entity Considerations=11
E. Entity Classification=14
F. An Introduction to Partnership Taxation=16
1. Computing and Reporting Partnership Income=16
2. Partnership Contributions=18
3. Partnership Distributions=19
4. Sales or Exchanges of Partnership Interests=20
5. Partner-Partnership Transactions=20
6. Partnership Terminations=21
G. Electing Out of Subchapter K=22
H. Partnership Anti-Abuse Regulations=23
Checkpoints=26
Chapter 2. Partnership Formation=27
Roadmap=27
A. An Introduction to Partnership Formations=27
B. Overview of the Partnership Nonrecognition Provisions=29
1. Section 721 : Nonrecognition of Gain or Loss=29
2. Section 722 and Section 723 : Substituted Basis=30
3. Section 1223 : Partner and Partnership Holding Periods=32
C. Contributions of Encumbered Property=33
D. Character of Gain or Loss on Contributed Property=35
1. Unrealized Receivables=36
2. Inventory Items=36
3. Capital Loss Property=36
E. Contributions to an Investment Partnership=37
F. Organization and Syndication Expenses=38
1. General Rule=38
2. Election to Deduct Organization Expenses=39
3. Making the Election=40
4. Comparison to Start-Up Expenditures=40
Checkpoints=43
Chapter 3. Receipt of a Partnership Interest for Services=45
Roadmap=45
A. Introduction=45
B. Capital Interests=46
1. Consequences to Service Partners=46
2. Consequences to Partnership=49
3. Valuation of a Capital Interest=51
C. Profits Interests=53
1. Consequences to Service Partner=53
2. Consequences to Partnership=56
D. Proposed Regulations=56
1. Consequences to Service Partner=57
2. Consequences to Partnership=59
Checkpoints=60
Chapter 4. Partnership Operations=61
Roadmap=61
A. Introduction to Partnership Accounting=61
B. Computation of Partnership Taxable Income=63
1. Partnership Computations 63=3
2. Characterization of Partnership Income=65
3. Partnership Tax Elections=65
C. Partnership Taxable Year=66
1. Introduction to Calculating the Partnership Taxable Year=66
2. Majority Interest Taxable Year=67
3. Principal Partner Taxable Year=68
4. Least Aggregate Deferral Taxable Year=68
5. Changes in a Partnership's Required Taxable Year=69
6. Adopting a Business Taxable Year=70
7. Electing a Taxable Year Other Than a Required Tax Year or a Business Tax Year=71
D. Accounting Method=72
E. Effect of Operations on Partners' Outside Basis=76
1. Initial Outside Basis=77
2. Adjustments to Outside Basis=78
3. Alternative Method For Determining Basis=81
F. Loss Limitation Rules=82
1. Section 704(d)=83
2. Section 465=85
3. Section 469=87
Checkpoints=94
Chapter 5. Partnership Allocations=95
Roadmap=95
A. Introduction to Partnership Allocations=95
B. The Partnership Agreement=97
C. Section 704(b)=98
1. Substantial Economic Effect=99
2. Economic Effect=99
a. Capital Account Maintenance=100
b. Liquidation Requirement=106
c. Deficit Restoration Obligation=107
d. The Alternate Test for Economic Effect=108
e. Economic Equivalence Test=110
3. Economic Effect Must Be Substantial=111
a. Shifting Allocations=111
b. Transitory Allocations=113
c. Overall Tax Effects Test=114
4. Partners' Interest in the Partnership=115
D. Allocations of Nonrecourse Deductions=116
1. Introduction=116
2. Partnership Minimum Gain and a Partner's Share of Partnership Minimum Gain=119
3. Nonrecourse Distributions=122
4. Minimum Gain Chargeback=122
E. Allocations with Respect to Contributed Property=125
1. Introduction=125
2. Traditional Method=128
3. Traditional Method with Curative Allocations=131
4. Remedial Allocation Method=134
5. Revaluations of Partnership Property=137
6. Transfers of a Partnership Interest and Limitations on Built-In Losses=138
7. Special Rules=139
a. Disposing of Section 704(c) Property in a Nonrecognition Transaction=139
b. Disposing of Section 704(c) Property in an Installment Sale=140
c. Small Disparities=140
d. Aggregation of Section 704(c) Properties=140
F. Allocations of Partnership Liabilities=141
1. Introduction to Partnership Liabilities=141
2. Liability Defined=143
3. Recourse and Nonrecourse Liabilities Defined=143
4. Partner's Share of Partnership Liabilities=145
a. Allocating Recourse Liabilities=145
b. Allocating Nonrecourse Liabilities=147
G. Family Partnerships=150
Checkpoints=154
Chapter 6. Partner-Partnership Transactions=155
Roadmap=155
A. Payments for Services and the Use of Property=156
1. Determining Whether a Partner Acts as a Partner=157
2. Guaranteed Payments=161
3. Comparison of Partnership-Partner Transactions=166
B. Sales and Exchanges of Property between Partners and Partnerships=168
1. Disguised Sales=168
a. Disguised Sales of Property=170
b. Disguised Sales of Partnership Interests=176
2. Gain or Loss on Sales or Exchanges between Related Persons=176
a. Loss Limitations on Related Party Sales=177
b. Recharacterizing Gain on Sales to Related Purchasers=178
Checkpoints=179
Chapter 7. Sales and Exchanges of Partnership Interests=181
Roadmap=181
A. Consequences to the Selling Partner=182
1. Computing Gain or Loss=183
a. Amount Realized=183
b. Adjusted Basis=185
2. Character of Gain or Loss=189
a. The Look-Through Rule of Section 751(a)=191
b. The Capital Gains Look-Through Rule of Section 1(h)=195
c. Holding Period=197
3. Installment Sales of Partnership Interests=202
B. Consequences to the Purchasing Partner=203
1. Determining the Purchasing Partner's Outside Basis=203
2. Determining the Partnership's Inside Basis=204
a. Introduction to the Section 743(b) Adjustment=205
b. Calculating the Overall Section 743(b) Adjustment=206
c. Allocating the Section 743(b) Adjustment=209
d. Effect of Section 743(b) Adjustment on Partnership Operations=211
e. Reporting Requirements=213
3. Effect on Purchaser's Capital Account=214
Checkpoints=215
Chapter 8. Operating Distributions=217
Roadmap=217
A. General Rules=219
1. Distributions of Money=219
2. Distributions of Property=222
3. Distributions of Marketable Securities=226
4. Subsequent Sales of Distributed Property=230
B. Disproportionate Distributions=232
1. General Principles of Section 751(b)=232
2. Section 751(b) Property=235
3. The Hypothetical Exchange=237
4. Application of Section 751(b) to a Section 752(b) Deemed Distribution=241
5. Reporting Requirements=242
C. Mixing Bowl Transactions=242
1. Distributions of Contributed Property to Another Partner : Section 704(c)(1)(B)=244
2. Distributions of Other Property to a Contributing Partner : Section 737=247
3. Overlap between Section 704(c)(l)(B) and Section 737=249
D. Consequences to the Distributing Partnership=250
1. General Rule of Nonrecognition=250
2. Basis of Partnership Property=250
a. Introduction to the Section 734(b) Adjustment=250
b. Calculating the Overall Section 734(b) Adjustment=252
c. Allocating the Section 734(b) Adjustment=253
d. Effect of Section 734(b) Adjustment on Partnership Operations=256
e. Reporting Requirements=257
3. Capital Account Maintenance=257
Checkpoints=259
Chapter 9. Liquidating Distributions and Partnership Terminations=261
Roadmap=261
A. Liquidation of a Partner's Interest=262
1. An Introduction to Section 736=262
2. Classifying Payments under Section 736(a) or Section 736(b)=263
3. Allocation of Section 736 Payments=265
4. Taxing Section 736(a) Payments=267
5. Taxing Section 736(b) Payments=268
a. Recognition of Gain or Loss=268
b. Basis in Distributed Properties=271
c. Disproportionate Liquidating Distributions=273
d. Anti-Mixing Bowl Provisions=275
6. Consequences to the Distributing Partnership=275
a. General Rule of Nonrecognition=275
b. Basis of Partnership Property=276
c. Capital Account Maintenance=279
B. Partnership Terminations=280
1. Voluntary Liquidations=281
2. Involuntary Liquidations=284
C. Partnership Conversions=287
1. Partnership to Partnership=288
2. Partnership to Corporation=290
3. Partnership to Sole Proprietorship=292
D. Partnership Mergers, Consolidations, and Divisions=294
1. Partnership Mergers and Consolidations=294
a. General Rules=294
b. Form of Partnership Merger=296
c. Effect of Partnership Liabilities=298
d. Buy-Out Rule=299
e. Anti-Mixing Bowl Provisions=299
2. Partnership Divisions=301
a. General Rules=301
b. Form of Partnership Division=303
c. Tax Consequences Resulting from Partnership Divisions=304
E. Closing of the Partnership Taxable Year=305
1. Partnership Terminations=305
2. Termination of a Partner's Interest=306
Checkpoints=307
Mastering Partnership Taxation Master Checklist=309
About the Author=317
Index=319