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In what sense is the at-risk loss limitation rule more restrictive than the tax-basis loss limitation rule?
What happens to partnership losses allocated to partners in excess of the tax basis in their partnership interests?
What hurdles (or limitations) must partners overcome before they can ultimately deduct partnership losses on their tax returns?
What items will decrease a partner’s basis in the partnership interest?
What items will increase a partner’s basis in the partnership interest?
Why does a partner’s tax basis in a partnership interest need to be adjusted annually?
In what situations do partners need to know the tax basis in their partnership interests?
What are the basic tax-filing requirements imposed on partnerships?
How much flexibility do partnerships have in allocating partnership items to partners?
What challenges do LLCs face when deciding whether to treat their members’ shares of ordinary business income as self-employment income?
How do general and limited partners treat their share of ordinary business income for self-employment tax purposes?
What are guaranteed payments, and how do partnerships and partners treat them for income and self-employment tax purposes?
Is the character of partnership income/gains and expenses/losses determined at the partnership or partner level? Why?
What are some common separately stated items, and why must they be separately stated to the partners?
What is a partnership’s ordinary business income (loss), and how is it calculated?
When are partnerships eligible to use the cash method of accounting?
Explain the least aggregate deferral test for determining a partnership’s year-end and discuss when it applies
In what situation will there be a common year-end for the principal partners when there is no majority interest taxable year?
If a partner with a taxable year-end of December 31 is in a partnership with a March 31 taxable year-end, how many months of deferral will the partner receive? Why?
Why do you think partnerships, rather than the individual partners, are responsible for making most of the tax elections related to the operation of the partnership?
How do partners who purchase a partnership interest determine the tax basis and holding period of their partnership interests?
Distinguish between a capital interest and a profits interest, and explain how partners and partnerships treat each when exchanging them for services provided.
What is a tax-basis capital account, and what type of tax-related information does it provide?
How does the amount of liability allocated to a partner affect the amount of gain a partner recognizes when contributing property secured by a liability?
What are recourse and nonrecourse liabilities, and how is each generally allocated to partners?
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