Benefits of the Partnership/LLC Structure for Business Activities

This session provides a practical overview of key partnership tax issues involving allocations, liabilities, distributions, contributed property, and transactions involving partnership interests. Participants will examine the differences among common partnership structures, including general partnerships, limited partnerships, LLPs, and LLCs, and consider the tax and planning implications of each.nnThe session will focus on both elective and required special allocations, including the planning opportunities and complexities associated with Sections 704(b) and 704(c). Participants will also explore the allocation of partnership liabilities under Section 752, the tax consequences of cash and property distributions, and potential tax traps involving property contributed to and later distributed by a partnership.