This book helps addresses the tax consequences of the most common transactions engaged in by limited liability corporations
(LLCs)and partnerships. You will develop a level of comfort with the basic conceptual framework underlying partnership and
LLC taxation, as well as gain an explanation of the tax consequences associated with issues most frequently confronted by
tax practitioners. Topics covered include: basic tax structure of partnerships and LLCs; electing to be taxed as a partnership:
"check-the-box" rules; tax consequences of partnership or LLC formation; partnership distributions; compensatory payments
to partners; at-risk and passive activity limits; profit and loss allocations: general rules and restrictions; and reporting
taxable income for partnerships and LLCs.