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Lecture Taxation of individuals and business entities 2015 - Chapter 20: Forming and operating partnerships

The main goals of this chapter are to: Determine whether a flow-through entity is taxed as a partnership or S corporation, and distinguish the entity approach from the aggregate approach for taxing partnerships; resolve tax issues applicable to partnership formations and other acquisitions of partnership interests, including gain recognition to partners and tax basis for partners and partnerships; determine the appropriate accounting periods and methods for partnerships;. | Chapter 20 Forming and Operating Partnerships Learning Objectives Determine whether a flow-through entity is taxed as a partnership or S corporation, and distinguish the entity approach from the aggregate approach for taxing partnerships Resolve tax issues applicable to partnership formations and other acquisitions of partnership interests, including gain recognition to partners and tax basis for partners and partnerships Determine the appropriate accounting periods and methods for partnerships Calculate and characterize a partnership’s ordinary business income or loss and its separately stated items, and demonstrate how to report these items to partners Explain the implications of a partner’s tax basis and the adjustments that affect it Apply the basis, at-risk, and passive activity loss limits to losses from partnerships Flow-Through Entities Income earned by flow-through entities is not taxed at the entity level Owners of flow-through entities are taxed on the entity-level share of | Chapter 20 Forming and Operating Partnerships Learning Objectives Determine whether a flow-through entity is taxed as a partnership or S corporation, and distinguish the entity approach from the aggregate approach for taxing partnerships Resolve tax issues applicable to partnership formations and other acquisitions of partnership interests, including gain recognition to partners and tax basis for partners and partnerships Determine the appropriate accounting periods and methods for partnerships Calculate and characterize a partnership’s ordinary business income or loss and its separately stated items, and demonstrate how to report these items to partners Explain the implications of a partner’s tax basis and the adjustments that affect it Apply the basis, at-risk, and passive activity loss limits to losses from partnerships Flow-Through Entities Income earned by flow-through entities is not taxed at the entity level Owners of flow-through entities are taxed on the entity-level share of income allocated to them Income from flow-through entities is taxed only once when it “flows through” to owners of these entities Aggregate and Entity Concepts Entity approach Treats tax partnerships as entities separate from their partners Aggregate approach Treats tax partnerships as an aggregation of partners separate interests in the assets and liabilities of the partnership One of the most basic tenets of partnerships tax law - “Partnerships don’t pay taxes” - reflects the “aggregate approach” Partnerships, rather than partners, making most tax elections represents the entity concept Flow-Through Entities Acquiring partnership interests when partnerships are formed Partnership interest When a partnership is formed, partners may transfer cash, other tangible or intangible property, and services to it in exchange for an equity interest Partnership rights Right to receive a share in the partnership assets if the partnership were to liquidate, called a capital interest Right or .