Understanding Partnership and LLC Taxation


By Jerold A. Friedland

cover image of Understanding Partnership and LLC Taxation

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Understanding Partnership and LLC Taxation provides a comprehensive analysis of one of the most complex areas of the Internal Revenue Code. Using examples and computational illustrations, this treatise is designed for ease of use by practitioners and law students. In addition to clear, to-the-point explanations of law, Understanding Partnership and LLC Taxation includes practice and planning notes and extensive citation to relevant cases, statutes, and regulations, thereby making it an excellent quick reference tool.

The new fifth edition discusses important recent legislation, regulations, cases, and administrative rulings. The text is an essential source for answers and guidance regarding partner/partnership and LLC tax issues. Its straightforward approach and hands-on, practical examples will make this your fundamental reference tool for partnership and LLC taxation issues.

Topics covered include:

  • Determining the business form to adopt;
  • Allocating income or loss among partners or LLC members;
  • Distributing property to a partner or LLC member;
  • Using family partnerships and LLCs;
  • Selling or liquidating a partnership or LLC interest;
  • Terminating a partnership;
  • Determining a partner's/member's basis in a partnership/LLC interest;
  • Special rules for family partnerships/LLCs; and
  • Tax consequences when a partner/member dies.
  • Understanding Partnership and LLC Taxation