S corporations and partnerships operate similarly, as the owners both calculate their basis in their business. Both are flow-through tax entities where the owners are individually taxed on their ...
On January 10, 2025, the United States Internal Revenue Service (the "IRS") released final regulations (the "Final Regulations") under section 6011 of the Internal Revenue Code of 1986, as amended ...
A partner’s tax basis in his partnership interest (referred to as “outside basis”) generally represents his economic investment in a partnership plus his share of the partnership’s liabilities. In ...
On June 17, 2024, the IRS announced the formation of a dedicated group in the Office of Chief Counsel specifically focused on developing guidance on partnerships, which is expected to work with a new ...
For tax year 2018 filings, the Internal Revenue Service made a drastic change to the Form 1065, U.S. Return of Partnership Income, that went unnoticed by most practitioners. Specifically, the ...
Learn what basis value is, how to calculate it, and see examples to understand its role in reducing tax burdens on fixed ...
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