This edition of Lyons and Repetti's Partnership Income Taxation attempts the simplest possible introduction to an intricate body of law. Any "simplified" description of the rules of partnership taxation would be so misleading as to be useless. Therefore, the authors have tried to make the subject accessible, not by paraphrasing the rules, but by including examples that are as straightforward as possible. The authors focus on simple partnerships holding few assets and engaging in routine transactions. They place the rules in context by pointing out the purposes of the Internal Revenue Code provisions and regulations and by presenting background information about practical matters, such as how partnerships maintain capital accounts and how nonrecourse financing works.