Federal income taxation of partnerships and S corporations / by Paul R. McDaniel, Martin J. McMahon, Jr., Daniel L. Simmons.
2012
KF6452.A7 F43 2012 (Map It)
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Details
Title
Federal income taxation of partnerships and S corporations / by Paul R. McDaniel, Martin J. McMahon, Jr., Daniel L. Simmons.
Published
New York, NY : Thomson Reuters/Foundation Press, 2012.
Call Number
KF6452.A7 F43 2012
Edition
Fifth edition.
ISBN
9781609301729
1609301722
1609301722
Description
xlix, 531 pages ; 26 cm.
System Control No.
(OCoLC)808642150
Bibliography, etc. Note
Includes bibliographical references and index.
Series
Record Appears in
Table of Contents
Preface
iii
Table of Internal Revenue Code Sections
xv
Table of Treasury Regulations
xxxiii
Table of Cases and Rulings
xliii
pt. I
Taxation of Partners and Partnerships
1
ch. 1
Introduction to Partnership Taxation
1
1.
Introduction to Subchapter K
1
2.
Definition of a Partnership
5
A.
Partnership Versus Corporation
5
Rules and Regulations, Department of the Treasury, Internal Revenue Service, Simplification of Entity Classification Rules
6
Detailed Analysis
9
B.
Partnership Entity Versus Other Business Arrangement
15
Madison Gas and Electric Co. v. Commissioner
16
Detailed Analysis
22
3.
Anti-Abuse Regulations
39
ch. 2
Formation of the Partnership
41
1.
Contributions of Money or Property
41
Detailed Analysis
43
2.
Contributions of Encumbered Property
51
3.
Contribution of Property Versus Contribution of Services---
57
A.
Treatment of the Partner Receiving a Partnership Interest in Exchange for Services
57
Detailed Analysis
57
B.
Treatment of the Partnership Issuing a Partnership Interest in Exchange for Services
68
McDougal v. Commissioner
69
Detailed Analysis
74
ch. 3
Taxation of Partnership Taxable Income to the Partners
84
1.
Pass-Thru of Partnership Income and Loss
84
United States v. Basye
85
Detailed Analysis
91
2.
Limitation on Partners' Deductions of Partnership Losses
105
Revenue Ruling 66-94
106
Detailed Analysis
108
ch. 4
Determining Partners' Distributive Shares
111
1.
Historical Background
112
Orrisch v. Commissioner
113
Detailed Analysis
119
2.
The Section 704(b) Regulations
123
A.
Allocations of Items Unrelated to Nonrecourse Debt
125
(1).
Economic Effect
126
Revenue Ruling 97-38
126
Detailed Analysis
129
(2).
Substantiality
148
Revenue Ruling 99-43
148
Detailed Analysis
153
(3).
"Business Purpose" and "Tax Avoidance" With Respect to Particular Allocations
158
B.
Allocations Attributable to Nonrecourse Debt
160
Detailed Analysis
163
3.
Allocations With Respect to Contributed Property
172
Detailed Analysis
174
4.
Allocations Relating to Noncompensatory Partnership Options
190
Detailed Analysis
192
5.
Allocations Where Interests Vary During the Year
193
Detailed Analysis
194
6.
Family Partnerships
201
Detailed Analysis
202
ch. 5
Allocation of Partnership Liabilities
205
1.
Allocation of Recourse Liabilities
206
Detailed Analysis
207
2.
Allocation of Nonrecourse Debt
218
Detailed Analysis
227
ch. 6
Transactions Between Partners and the Partnership
230
1.
Transactions Involving Services, Rents, and Loans
230
Revenue Ruling 81-301
232
Detailed Analysis
234
2.
Sales of Property
253
Detailed Analysis
253
ch. 7
Special Limitations on Loss Deductions at the Partner Level
267
1.
Tax Shelter Losses
267
2.
The At Risk Rules of Section 465
269
Senate Finance Committee Report, Tax Reform Act of 1976
269
Pritchett v. Commissioner
270
Detailed Analysis
274
3.
The Passive Activity Loss Rules of Section 469
283
Senate Finance Committee Report, Tax Reform Act of 1986
283
Detailed Analysis
287
ch. 8
Sales of Partnership Interests by Partners
297
1.
The Seller's Side of the Transaction
297
A.
General Principles
297
Revenue Ruling 84-53
297
Detailed Analysis
301
B.
Capital Gain Versus Ordinary Income: Section 751
306
Ledoux v. Commissioner
307
Detailed Analysis
316
2.
The Purchaser's Side of the Transaction: Basis Aspects
323
Detailed Analysis
324
ch. 9
Partnership Distributions
339
1.
Current Distributions
339
A.
Cash Distributions and Reduction of Liabilities
339
Revenue Ruling 81-242
339
Detailed Analysis
341
B.
Property Distributions
346
Detailed Analysis
348
C.
Distributions by Partnerships Holding Unrealized Receivables or Substantially Appreciated Inventory
359
Detailed Analysis
360
2.
"Mixing Bowl" Transactions: Distributions of Contributed Property
368
Detailed Analysis
370
3.
Distributions in Liquidation of a Partner's Interest
374
Detailed Analysis
376
A.
Section 736(b) Payments: Distributions
377
Detailed Analysis
380
B.
Section 736(a) Payments
385
Detailed Analysis
386
4.
Basis Adjustments to Remaining Partnership Assets
391
Detailed Analysis
392
5.
Sale of Interest to Other Partners Versus Distribution
404
Colonnade Condominium, Inc. v. Commissioner
404
Detailed Analysis
408
6.
Complete Liquidation of the Partnership
414
Revenue Ruling 84-111
415
Detailed Analysis
420
7.
Partnership Mergers and Divisions
427
Notice of Proposed Rulemaking, Partnership Mergers and Divisions, REG-111119-99
427
Detailed Analysis
436
pt. II
Elective Passthrough Tax Treatment
445
ch. 10
S Corporations
445
1.
Introduction
445
2.
Eligibility, Election and Termination
450
A.
Shareholder Rules
450
B.
Corporate Eligibility
457
C.
S Corporation Election Procedures
462
D.
Revocation or Termination of S Corporation Status
465
E.
Coordination With Subchapter C
467
3.
Effect of the Subchapter S Election by a Corporation With No C Corporation History
468
A.
Passthrough of Income and Loss
468
B.
Distributions
500
4.
Qualified Subchapter S Subsidiaries
505
5.
S Corporations That Have a C Corporation History
507
A.
Distributions From an S Corporation With Earnings and Profits Accumulated From Subchapter C Years
507
B.
Passive Investment Income of an S Corporation With Accumulated Earnings and Profits
511
C.
Built-in Gain Tax
514
D.
Policy Aspects of the Treatment of Subchapter S Corporations With a Subchapter C History
522
6.
Policy Aspects of Subchapter S
523
Index
527