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Full-Text Articles in Law
The Spurious Allure Of Pass-Through Parity, Karen C. Burke
The Spurious Allure Of Pass-Through Parity, Karen C. Burke
UF Law Faculty Publications
In 2017, Congress reduced tax rates on both corporate and noncorporate income. The drafters invoked the concept of pass-through parity to justify lower rates on noncorporate business income, resulting in a new and highly controversial deduction for pass-through owners under § 199A. The concept of pass-through parity conflates equitable treatment of different entity forms with equitable distribution of the ultimate tax burden among labor and capital. The flawed rationale for § 199A may be viewed as an attempt to preserve the pre-2017 preference for pass-through income; conceptually, the advantage of lower corporate rates is limited to the availability of a …
Complexity Cubed: Partnerships, Interest, And The Proposed Regs, Walter D. Schwidetzky
Complexity Cubed: Partnerships, Interest, And The Proposed Regs, Walter D. Schwidetzky
All Faculty Scholarship
New section 163(j) strictly limits business interest expense (BIE) deductions to large (and possibly not-so-large) taxpayers. Generally, BIEs may only be deducted to the extent that they do not exceed 30 percent of adjusted taxable income plus business interest income. Section 163(j)(4) requires partnerships to calculate this limitation at the partnership level. In this report, I focus on how section 163(j) applies to partnerships. Given my focus, I leave to others a more comprehensive review of section 163(j) as a totality,1 as well as the coverage of S corporations. I will tend to give fairly short shrift to the portions …
Advising Partners And Partnerships Under The New Centralized Partnership Audit Rules: The Need To Amend Partnership And Llc Operating Agreements (Powerpoint), Jerald D. August
Advising Partners And Partnerships Under The New Centralized Partnership Audit Rules: The Need To Amend Partnership And Llc Operating Agreements (Powerpoint), Jerald D. August
William & Mary Annual Tax Conference
No abstract provided.
An Overview Of Partnerships (Powerpoint), Ari Berk, Drew Tidwell
An Overview Of Partnerships (Powerpoint), Ari Berk, Drew Tidwell
William & Mary Annual Tax Conference
No abstract provided.
Partnerships, Vincent Ooi
Partnerships, Vincent Ooi
Research Collection Yong Pung How School Of Law
Partnerships and tax—overview: The statutory definition of a partnership is the “relation which subsists between persons carrying on a business in common with a view of profit”. Those persons could be natural persons, or other legal entities such as companies or trustees. However, a registered company under the Companies Act (Cap. 50) (2006 Rev. Ed.) is not a partnership.
Understanding Section 704(C) (Powerpoint), Brian J. O'Connor
Understanding Section 704(C) (Powerpoint), Brian J. O'Connor
William & Mary Annual Tax Conference
No abstract provided.
What To Do Today With The New Partnership (And Llc) Audit Rules, Craig D. Bell, Steven R. Schneider
What To Do Today With The New Partnership (And Llc) Audit Rules, Craig D. Bell, Steven R. Schneider
William & Mary Annual Tax Conference
No abstract provided.
Getting Up To Speed On Partnership Basis Adjustments, James B. Sowell
Getting Up To Speed On Partnership Basis Adjustments, James B. Sowell
William & Mary Annual Tax Conference
No abstract provided.
Working With The Section 752 Partnership Liability Allocation Rules (Outline), Jennifer H. Alexander, Andrea M. Whiteway
Working With The Section 752 Partnership Liability Allocation Rules (Outline), Jennifer H. Alexander, Andrea M. Whiteway
William & Mary Annual Tax Conference
No abstract provided.
Negotiating Tax Provisions In Partnership And Llc Agreements, Robert G. Gottlieb, Brian J. O'Connor
Negotiating Tax Provisions In Partnership And Llc Agreements, Robert G. Gottlieb, Brian J. O'Connor
William & Mary Annual Tax Conference
No abstract provided.
Working With The Section 752 Partnership Liability Allocation Rules (Slides), Jennifer H. Alexander, Andrea M. Whiteway
Working With The Section 752 Partnership Liability Allocation Rules (Slides), Jennifer H. Alexander, Andrea M. Whiteway
William & Mary Annual Tax Conference
No abstract provided.
Integrating Subchapters K And S And Beyond, Walter D. Schwidetzky
Integrating Subchapters K And S And Beyond, Walter D. Schwidetzky
All Faculty Scholarship
This Article builds upon a similar, lengthier effort that I published in the Tax Lawyer in 2009. While there is overlap, this Article contains much new material. Important case law and tax proposals from the House Ways and Means Committee have come out in the interim. Due to space limitations, unlike my Tax Lawyer effort, this Article attempts to avoid prolixity. It assumes the reader has good knowledge of both Subchapters S and K and the tax entity selection process. If you are not that reader, a review of my Tax Lawyer article or Professor Mann's article in this symposium …
Pass-Through Entity Reform: Is A Major Overhaul Necessary?, Walter D. Schwidetzky
Pass-Through Entity Reform: Is A Major Overhaul Necessary?, Walter D. Schwidetzky
All Faculty Scholarship
No abstract provided.
Unwinding The Ceiling Rule, Leigh Osofsky
Unwinding The Ceiling Rule, Leigh Osofsky
Articles
This article closely examines the unwinding of the ceiling rule. Congress and partnership tax experts historically have assumed perfect unwinding of the ceiling rule on liquidation or sale of a partnership interest. However, this assumption glosses over a significantly more complicated reality. This article closely examines the history of section 704(c) and the interaction between the ceiling rule and the rules regarding sales and liquidations of partnership interests to reveal the extent to which the assumption does not hold. By debunking long-held assumptions about the perfect unwinding of the ceiling rule, this article displays that there is no reasonable justification …
When Subchapter S Meets Subchapter C, Martin J. Mcmahon Jr., Daniel L. Simmons
When Subchapter S Meets Subchapter C, Martin J. Mcmahon Jr., Daniel L. Simmons
UF Law Faculty Publications
It is often said that “an S corporation is a corporation that is taxed like a partnership.” This statement is incorrect. An S corporation resembles a partnership only in that it generally does not pay income taxes and its income and losses pass through to the shareholders and retain their character as they pass through. Also, like a partnership, basis adjustments to an S corporation shareholder's stock reflect allocations of income, expense, loss, and distributions. However, no other rules of subchapter K governing partnership taxation apply to S corporations. Most of the rules governing the relationship between an S corporation …
I Want Out – Tax Considerations In Exiting A Partnership, James B. Sowell
I Want Out – Tax Considerations In Exiting A Partnership, James B. Sowell
William & Mary Annual Tax Conference
No abstract provided.
Partnership Current Developments, Robert J. Crnkovich, Steven M. Friedman
Partnership Current Developments, Robert J. Crnkovich, Steven M. Friedman
William & Mary Annual Tax Conference
No abstract provided.
Compensating Owners And Key Employees Of Partnerships And Llc's, Elizabeth E. Drigotas, Steven R. Schneider
Compensating Owners And Key Employees Of Partnerships And Llc's, Elizabeth E. Drigotas, Steven R. Schneider
William & Mary Annual Tax Conference
No abstract provided.
Passthrough Entities: The Missing Element In Business Tax Reform, Karen C. Burke
Passthrough Entities: The Missing Element In Business Tax Reform, Karen C. Burke
UF Law Faculty Publications
Reform of the U.S. corporate tax system is again on the agenda. Despite important differences, many current proposals share two common goals: (1) reducing the statutory corporate tax rate to improve U.S. “international competitiveness” and (2) broadening the corporate tax base by reducing or eliminating business expenditures to offset revenue losses. Given the significance of the passthrough sector and the relationship between individual and corporate taxes, however, such reforms need to be considered within a broader context. Part I of this article discusses the growing significance of the passthrough sector, which now accounts for roughly half of net business income. …
Partnership Tax Planning Without Falling Into The Canal (Slides), Andrea M. Whiteway
Partnership Tax Planning Without Falling Into The Canal (Slides), Andrea M. Whiteway
William & Mary Annual Tax Conference
No abstract provided.
Partnership Tax Planning Without Falling Into The Canal (Outline), Andrea M. Whiteway
Partnership Tax Planning Without Falling Into The Canal (Outline), Andrea M. Whiteway
William & Mary Annual Tax Conference
No abstract provided.
Real Estate Partnership And Llc Divorces, Cameron N. Cosby, Brian J. O'Connor
Real Estate Partnership And Llc Divorces, Cameron N. Cosby, Brian J. O'Connor
William & Mary Annual Tax Conference
No abstract provided.
Teaching Old Dogs New Tricks - Emerging Tax Issues For Distressed Real Estate Assets And Partnerships (Slides), Michael G. Frankel, David A. Miller
Teaching Old Dogs New Tricks - Emerging Tax Issues For Distressed Real Estate Assets And Partnerships (Slides), Michael G. Frankel, David A. Miller
William & Mary Annual Tax Conference
No abstract provided.
Teaching Old Dogs New Tricks - Emerging Tax Issues For Distressed Real Estate Assets And Partnerships, Michael G. Frankel, David A. Miller
Teaching Old Dogs New Tricks - Emerging Tax Issues For Distressed Real Estate Assets And Partnerships, Michael G. Frankel, David A. Miller
William & Mary Annual Tax Conference
No abstract provided.
The Changing Landscape Of Tax Administration: Hot Topics Of Irs Audits Of Partnerships And S Corporations (Slides), Robert D. Schachat, Deborah M. Nolan
The Changing Landscape Of Tax Administration: Hot Topics Of Irs Audits Of Partnerships And S Corporations (Slides), Robert D. Schachat, Deborah M. Nolan
William & Mary Annual Tax Conference
No abstract provided.
Debt Workouts For Partnerships And S Corporations (Slides), Peter J. Genz
Debt Workouts For Partnerships And S Corporations (Slides), Peter J. Genz
William & Mary Annual Tax Conference
No abstract provided.
Integrating Subchapters K And S — Just Do It, Walter D. Schwidetzky
Integrating Subchapters K And S — Just Do It, Walter D. Schwidetzky
All Faculty Scholarship
The Code contains two “pass-through” tax regimes for business entities. One is contained in Subchapter K, which applies to partnerships, the other in Subchapter S, which, unsurprisingly, applies to S corporations. In the main, both Subchapters tax the owners of the entities rather than the entities themselves. Having two pass-through tax regimes creates obvious administrative and other inefficiencies. There was a time when S corporations served a valuable purpose, particularly when taxpayers needed a fairly simple and foolproof pass-through entity that provided a liability shield. But limited liability companies (LLCs), which are usually taxed as partnerships, 1 in most contexts …
Partnership Allocations: What You Don't Know Can Hurt You, Steven M. Friedman
Partnership Allocations: What You Don't Know Can Hurt You, Steven M. Friedman
William & Mary Annual Tax Conference
No abstract provided.
Client Alert- Irs Issues Safe Harbor Guidance For Partnership Flip Structures In Wind Deals
Client Alert- Irs Issues Safe Harbor Guidance For Partnership Flip Structures In Wind Deals
William & Mary Annual Tax Conference
No abstract provided.
Opportunities And Pitfalls Under Sections 351 And 721 (Slides), Craig L. Rascoe, William M. Richardson
Opportunities And Pitfalls Under Sections 351 And 721 (Slides), Craig L. Rascoe, William M. Richardson
William & Mary Annual Tax Conference
No abstract provided.