A partner’s tax basis in his partnership interest (referred to as “outside basis”) generally represents his economic investment in a partnership plus his share of the partnership’s liabilities. In ...

The IRS on Wednesday issued proposed regulations providing guidance on the application of Sec. 704(c)(1)(C) added by the American Jobs Creation Act of 2004, P.L. 108-357 (AJCA), and the amendments to ...

If you ever receive a K-1 from a partnership, send it to your accountant without looking at it and expect that your accountant is tracking things thoroughly, pay attention. If you do your own return, ...

The American Institute of CPAs sent a comment letter to the Treasury Department and the Internal Revenue Service objecting to their guidance around basis-shifting transactions involving partnerships ...

The Internal Revenue Service is targeting the use of basis shifting between related parties as a way for partnerships to avoid paying taxes, setting up a new unit within the Office of Chief Counsel to ...

An IRS proposal to drop a Biden administration rule targeting basis-shifting strategies by complex partnerships is getting support from key stakeholders, as well as calls for further relief.

On Thursday, the IRS released an early draft of the instructions for Form 1065, U.S. Return of Partnership Income (IR-2020-240). The IRS is accepting comments on the draft instructions for 30 days and ...

A partnership is a formal agreement between two or more individuals to form a business entity, share the responsibility of liabilities, and distribute profits. The United States doesn't have a ...

S corporations and partnerships operate similarly, as the owners both calculate their basis in their business. Both are flow-through tax entities where the owners are individually taxed on their ...