Discussion:Resources for Partnerships and a basis Q?
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Discussion Forum Index --> General Chat --> Resources for Partnerships and a basis Q?
| May 3, 2008 | |
| Student-at-large, again...
A rather simple question: when calculating a partner's basis, is their portion of tax-exempt interest _expense_ deducted? (under the guise of 705(a)(2)(b): (B) expenditures of the partnership not deductible in computing its taxable income and not properly chargeable to capital account...) It seems like such a simple question and yet I can't find anything specific (enough for me, that is). More importantly: aside from the code itself, do you have suggestions for materials pertaining to Partnerships that would be more educational than a basic textbook? Grad school or professional level, perhaps? The undergrad level book I've been using this semester is just barely scraping the surface and tends to make me more frustrated than anything at this point... Thanks! | |
| 3 May 2008 | |
| Univ. Ill. Tax School. "LLCs Taxed as Partnerships: Formation to Dissolution" is helpful. I think they have come out with a new edition lately. This is part of the University of Illinois Ext. Service. Purchase at website. http://www.taxschool.uiuc.edu/ Also, Surgent McCoy has some self-study CPE on the topic www.surgent.com You may also want to move this, or ask Tim to move your post to the tax forum. | |
RoyDaleOne (talk|edits) said: | 3 May 2008 |
| AS nontaxable income increases basis nondeductible expense decreases basis. I have a copy of UI book on order, have not recived it. | |
| 4 May 2008 | |
| Roy: I have two also from Surgent McCoy CPE that I cut my teeth on:
The Complete Guide to Partnerships and Limited Liability Companies (Code CLLC). and Clearning the Fog In Advanced LLC and Partnership Structuring (Code CFOG). I got mine in 2005, but I'm pretty sure they keep them updated. www.surgent. com I do have to laugh about one thing...."clearing the fog". I can't say so much that it cleared the fog for me, as it let me know just how foggy I was to begin with! | |
| 4 May 2008 | |
| Wanted to point something else out about the UI site mentioned above. If anyone has time, check out their ARCHIVE. It's a goldmine. One thing that UI does that I like is they take the tax law right down the filled out form for you. Great for the dummies/relative newbies like me. | |
