On Friday, January 31, 2020, the Supreme Court of Texas clarified the law of partnership formation in the closely watched case of Energy Transfer Partners, L.P. et al. v. Enterprise Products Partners, ...

The formation of a partnership is generally a nonrecognition transaction for both the contributing partner and the newly-created partnership. Thus, as a general rule, no gain is recognized by a ...

The IRS has proposed adding two new schedules to Form 1065, U.S. Return of Partnership Income, to help standardize the format in which partnerships report international tax items, beginning with tax ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

The Internal Revenue Service and the Treasury Department released proposed drafts of redesigned partnership form schedules for tax year 2021 (filing season 2022) that aim to provide more clarity for ...

Taxpayers often use entities characterized as partnerships for federal income tax purposes to conduct their business activities. In addition to offering limited liability (e.g., limited liability ...