Legal Updates & Commentary for Tax & Estate Planning
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]…
What is It?
It is a frequently recurring issue for those who advise the owners of rental real property, but one that is rarely raised by the owners themselves: does the ownership arrangement constitute a partnership for income tax purposes?
The question appears to be fairly straightforward – just ask any client. “We haven’t executed…
