Tax Services:

Partnerships

Partnerships are one of the oldest forms of conducting a business enterprise. From a federal and state income tax perspective, partners generally do not fully appreciate the degree of complexity that arises from conducting business as a partnership. Sisterson is a firm that has exceptional experience in guiding clients through all types of partnership tax issues, including entities organized as a Limited Liability Corporation.

Our tax department is deep with experience in all areas pertaining to the taxation of partnerships, including the following:

• Tax Compliance
• Advising counsel on drafting issues involving allocations of tax attributes among partners which the Internal Revenue Service will respect
• Evaluation of tax matters related to limited and general partnerships
• Evaluation of interests received in exchange for services
• Planning for property contributions and distributions
• Planning for avoidance of loss limitations due to basis, “at-risk” and “passive activity” loss rules
• Planning for differences between “inside” and “outside” tax basis
• Contributing and distributing encumbered property
• Death of a partner
• Sales and exchanges of partnership interests
• Guaranteed payments
• Investment partnerships
• Real estate partnerships
• Oil and gas partnerships
• Related party transactions
• Family limited partnerships
• Avoidance of inadvertent terminations
• Calculations related to gain charge