Partnership Taxation: A Practical Guide
Danny Santucci
Copyright^© 2011

Course: 8110277   Version 1209

• Chapter 1
• Define a partnership for federal income tax purposes using §761(a) by:
• Naming five important factors in deciding when a partnership exists including whether a co-tenancy qualifies as a partnership and identifying a husband-wife partnership pointing out the correct reporting of income and loss;
• Outlining the liability of general and limited partners including how such liability might be contained; and
• Listing four factors previously used to determine whether a business was a corporation or a partnership and contrasting them with the current check-the-box regulations.
• Analyze the impact of partnership agreements on partners’ shares of tax items, apply the requirements of §704(e) to family partnerships, and list the pros and cons of partnerships to determine when the entity choice is appropriate.