Subchapter K Part I - Determination of Tax Liability Flashcards
1
Q
Part I - Determination of Tax Liability
A
701-709
2
Q
Partners, not partnership, subject to tax
A
701
3
Q
Income and Credits of Partner
A
702
List of distributive share items
4
Q
Partnership Computations
A
703
Taxable income computations and disallowance of certain deductions.
5
Q
Partner’s Distributive Shares
A
704
Partnership agreement determines distributive shares as long as they have substantial economic effect.
6
Q
Determination of Basis of Partner’s Interest
A
705
7
Q
Taxable Years of Partner and Partnership
A
706
8
Q
Transactions Between Partner and Partnership
A
707
9
Q
Continuation of Partnership Agreement
A
708
Contemplates partnership termination/division/merger
10
Q
Treatment of Organization and Syndication Fees
A
709
Amortizable over 180 months
