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1 Chapter 9: Partnership Formation and Operation
PARTNERSHIP FORMATION operation (1 of 2) Partnership definitions Overview of partnership taxation Contributions of Property Partnership elections Ordinary income/loss VS separately stated items Partners' distributive share of items
2 PARTNERSHIP FORMATION & OPERATION (1 of 2) Partnership definitions Overview of partnership taxation Contributions of Property Partnership elections Ordinary income/loss vs. separately stated items Partners’ distributive share of items
PARTNERSHIP FORMATION OPeration (2 of 2) Special allocations Partner's basis in partnership interest Special loss limitations Guaranteed payments Transactions between partner partnership Family partnerships
3 PARTNERSHIP FORMATION & OPERATION (2 of 2) Special allocations Partner’s basis in partnership interest Special loss limitations Guaranteed payments Transactions between partner & partnership Family partnerships
Partnership Definitions (1of3) lllll Tax definition of a partnership Syndicate, group, pool, joint venture or other unincorporated organization that carries on a business
4 Partnership Definitions (1 of 3) Tax definition of a partnership –Syndicate, group, pool, joint venture or other unincorporated organization that carries on a business
Partnership Definitions (2of3) General partnershi Two or more partners All partners are general partners > May participate in mgmt >May make committments on behalf of partnership >Unlimited liability for partnership debts 5
5 Partnership Definitions (2 of 3) General partnership –Two or more partners –All partners are general partners »May participate in mgmt »May make committments on behalf of partnership »Unlimited liability for partnership debts