Fundamentals of Partnership Taxation

Stephen Schwarz, UC College of the Law, San Francisco

Daniel J. Lathrope, University of San Francisco School of Law

Brant J. Hellwig, New York University School of Law

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Highlights of new material covered in the Twelfth Edition are:

• An updated overview of the tax and other planning considerations influencing the choice of entity for a new business.
• A new chapter dedicated to tax considerations arising at the partner level, including eligibility for the § 199A qualified business income deduction in the partnership setting and application of the self-employment and net investment income taxes to the distributive shares of partnership income.
• Expanded coverage of targeted allocations, including a new problem, and revised problems on the alternate test for economic effect and allocation of nonrecourse deductions.
• Final regulations on the special treatment of bottom dollar payment obligations, the anti-abuse limitation on allocating recourse obligations, and the application of § 1061 rules recharacterizing gains of partners holding carried interests.
• Discussion of the D.C. Circuit’s opinion in Rawat v. Commissioner and its implications on the application of § 751(a) to sales and exchanges of partnership interests.
• Analysis of the impact of the Supreme Court’s Loper Bright decision on the partnership anti-abuse regulation.
• Pruning of dated materials and more tightly edited cases, notes, and problems.

Learn more about this series.