Legal Updates & Commentary for Tax & Estate Planning
The enactment of the Tax Cuts and Jobs Act,[ii] and its undeniable bias in favor of C corporations, has spurred the owners of many closely held businesses, along with their advisers, to reevaluate the form of business entity through which they own and operate their business, and…
One of the thorniest tasks to confront a tax adviser may be having to determine whether the business or investment relationship between two taxpayers constitutes a partnership for tax purposes.
Where the persons involved have formed a limited liability company or a limited partnership under state law, they have formed a tax law partnership[i]…
