Making Partnerships Work: Importance of Written Agreement for Capital Accounting and Distributive Shore Items

Making Partnerships Work (T/G 204) covers the ingredients of a partnership agreement as interpreted by the IRS, the establishment and maintenance of partners' capital accounts, and the segregation of activities into trade or business, rental realty, other rentals, and portfolio. Also covered - role of "material participation" hours; ownership percentages: beginning/ending; selection of partnership accounting year; applicability of the self-employment tax; distributive share credits and deductions; and balance sheet "reconciliation" techniques. Authoritatively written by a 20-year tax specialist who has prepared over 9000 federal tax returns including income, gift, estate, partnership, etc., and has represented scores of taxpayers before the IRS on audits, disagreements, and appeals. From this vast experience, the author imparts precious practical tax knowledge ... beyond the ordinary.


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