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Allocating Partnership Liabilities, J. Martin Burke, Michael K. Friel

Faculty Law Review Articles

This article discusses the congressional directive of the Tax Reform Act of 1984 in which Congress directed the Treasury to revise and update its regulations under section 752 and to base those revisions "largely on the manner in which the partners ... share the economic risk of loss with respect to partnership debt." The authors argue that instead partners should be permitted to allocate partnership debt among themselves in whatever manner they choose.

The article begins with an overview of the present rules. Then the article describes the rationale underlying the present rules. The next part addresses problems in application …

To Hold Or Not To Hold: Magneson, Bolker, And Continuity Of Investment Under I.R.C. Section 1031, J. Martin Burke, Michael K. Friel

Faculty Law Review Articles

This article examines the judicial and administrative development of the two holding requirements under the continuity of investment standards of section 1031prior to decisions of the Tax Court and the Ninth Circuit in Magneson v. Commissioner and Bolker v. Commissioner, both of which expanded the boundaries of qualified holding and reemphasized the need for guidance from the Treasury or Congress on these issues. Next the article examines the subsequent impact of these decisions. Finally, the article suggests a standard to be followed in the future.