Partnership Tax Year and Limited Liability Partnerships

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  • The
    IRC restricts the choices for a partnership‘s tax year to prevent the deferral
    of tax. This causes most partnerships to adopt a calendar year for tax
    reporting. From the e-Activity, create a scenario using a fiscal tax year
    which allows a partnership to defer taxes that meet the requirements of
    Sections 706 and 444 of the IRC.

e-Activity: Go to the Tax Almanac Website, located at , or
use the Internet and Strayer databases to research partnership tax years. Be
prepared to discuss.

  • As
    discussed in the text, large accounting firms and other professional firms
    operate as limited liability partnerships (LLPs). Contrast the LLP form of
    business under state laws to the LLP for tax purposes. Next, suggest the
    major reasons why a new entity would choose an LLP over a traditional
    partnership for tax purposes.

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