Revaluation of assets for a partnership or LLC can eliminate economic and tax distortions

Article Abstract:

The Regulations under Section 704(b) enables the revaluation of assets based on fair market value by a partnership and limited liability companies (LLC). LLCs and partnership are required under Section 704(b) to account for transactions, such as property distributions and contributions at fair market values. The additional tax and economic equity among partners or LLCs will take precedence over the cost of monitoring the revaluation adjustments and administrative cost.

Corporate Taxes, Taxation

---

Family limited partnerships

Article Abstract:

Several rulings have demonstrated the Internal Revenue Service's hostility toward family limited partnerships (FLPs). It is time for tax attorneys to convince judges of valuation discounts taken and of the appropriateness of FLPs.

Limited partnership, Limited partnerships, Family-owned businesses, United States. Internal Revenue Service, Family corporations

---

Revaluation of assets for partnership or LLC can eliminate economic tax distortions

Article Abstract:

The tax consequences of revaluing limited liability companies and partnerships are reviewed.

Statistical Data Included, Limited liability companies, Valuation

Similar abstracts:

• Abstracts: Selection of a tax matters partner by the partnership, the IRS and the courts. Selection of a Tax Matters Partner by the Partnership, the IRS, and the Courts
• Abstracts: President's proposals would affect the use of limited partnerships or LLCs in an estate plan. Transfer of Subchapter S stock to a single-member LLC does not terminate S election
• Abstracts: Many Partnership Provisions of TRA '97 Create Complexity and Uncertainty. Handling the tax consequences of partnership mergers and divisions
• Abstracts: Basis Rules After Technical Termination of Partnership. REIT's Share of a partnership's Income was Rent Under Seciton 856(d)(1)
• Abstracts: Oral partnership. Partnership law. Partnership May Be Expelled for Reporting Suspected Overbilling

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.