Description
Gain a better understanding of calculating the partnership basis adjustments and distributions and the impact on partner level gain or loss calculations.Every partnership or LLC agreement between at least two members must address tax allocations. Experts have developed provisions that now commonly appear in such agreements to address tax allocations. This topic will provide an overview of those provisions. The material is designed for new tax attorneys who are trying to grasp the complexity of the tax provisions in the typical partnership or LLC agreement and the nontax attorneys and business owners who see those provisions and would like to better understand their purpose. The content will work through examples and sample language to cover the concepts. Although the discussion will inevitably require using technical language and covering technical topics, the discussion is intended to be an overview that covers a broad swath of material