Top Tax Cases of 2024, Part 1: Partnerships
Tax Notes Talk
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Navigating Partnership Taxation
This chapter examines the evolving interpretation of tax laws concerning partnerships and the implications of recent court rulings on asset managers. It delves into complex issues related to basis limitations and the allocation of partnership losses, highlighting the importance of Section 704(d) in utilizing these losses. The discussion emphasizes the potential for legislative changes while analyzing a notable tax case and the IRS's efforts to correct inaccuracies in past basis adjustments.
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