Eighth Circuit's decision in Campbell clarifies the limited scope of Diamond

Article Abstract:

Cases involving the taxation of profits interest in partnerships were decided by the circuit courts. In Diamond v. Comm'r, it was decided that profits interest were taxable if the interest's market value could be ascertained. Campbell v. Comm'r further refined this ruling by establishing that taxpayers are not subject to taxation of profits interest if they are partners. Recommendations on procedures to prevent profits interest assessment by the Internal Revenue Service are presented.

Profit, Profits

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Proposed regulations on disguised sales provide help but may be too stringent

Article Abstract:

New regulations intended to correct unethical practices in the conduct of partnership taxation have been proposed by Congress and the Treasury Department. The regulations strengthen tax rules on the removal of assets from partnerships. Specific suggestions to further improve the proposed regulations with regard to treatment of liabilities and disclosure requirements are discussed. The application of these new regulations to different scenarios are presented.

Laws, regulations and rules, Sales tax

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Tax issues to consider when converting a partnership to a limited liability company

Article Abstract:

A limited liability company (LLC) is an attractive business form because it offers several tax advantages. These include tax-free conversion from partnership to LLC, limited liability for all partners and continued liability protection even if LLC members participate actively in management. However, there are income tax consequences that should also be considered.

Limited liability companies

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