4. Partnerships, Estate, Trust １

PARTNERSHIP OVERVIEW

S Corporation と似ています。

・法人税を納めず、Pass-through Entity

・Form 1065

Business income (Business expenses) (Guaranteed payments)	⇐　業績に関係なく支払われる。
Net business income (loss)

・Partner は、お金をもらっていなくても、利益が出た時点で申告します。

・Guarantee Payment：

 払った側は Expense、もらった側は、通常の所得 Taxable Income です。

・Separately Reported Items　分離課税アイテムは、各パートナーが Pick-up して申告します。

1. Capital gains (losses)

2. Dividend income

3. Charitable contributions

4. Investment interest expense

5. Section 1231 property gains (losses)

6. Foreign tax payments

・Schedule k-1

1. Guaranteed payments received

2. Distributive share of net business income (loss)

3. Distributive share of separately reported items

Loss は、自分の Basis までしか取れません。

・Partnership とパートナーの Tax Year End は、3か月以上ずらすことはできません。

・通常、Filing Due は、3/15です。

PARTNER’S BASIS

Partner’s investment All income items Increases to partner’s share of debt (Decreases to partner’s share of debt) (Losses and deductions) (Distributions)	⇐ Guarantee Payment の Net Effect は０
Partner’s basis	⇐ ０以下にはならない

取れなかった Loss は、carry forward indefinitely。

Passive loss の Limitation は、各パートナーによって異なります。

出資時、 Property は、Partner の保有期間も合算します。

Partner’s Basis

＊要 Formula 暗記

Eg.

Exchange Property for Partnership Interest

Monette exchanges land for a 30% interest in partnership.

FMV of land Monette’s basis in land a. Monette’s initial basis in partnership interest b. Monette’s taxable gain c. Partnership’s basis in land

$100,000 5,000 $  5,000 $ 0 $  5,000

Eg.

Exchange Mortgaged Property for Partnership Interest

Monette exchanges mortgaged land for a 30% interest in partnership.

FMV of land Monette’s basis in land Mortgage on land a.    Monette’s initial basis in partnership interest Monette’s basis in land Monette’s 30% share of partnership debt   Monette’s debt relief Monette’s initial basis in partnership interest b.    Monette’s taxable gain (Net debt relief to Monette of $35,000 [$15,000 - $50,000] does not exceed his basis in contributed land) c. Partnership’s basis in land

$100,000 75,000 $  50,000 $ 75,000 15,000 (50,000) $ 40,000 $ 0 $  5,000 $ 75,000

Eg.

Exchange Property With Mortgage > Basis for Partnership Interest

Monette exchanges mortgaged land for a 30% interest in partnership.

FMV of land Monette’s basis in land Mortgage on land a.    Monette’s initial basis in partnership interest Monette’s basis in land Monette’s 30% share of partnership debt   Monette’s debt relief Monette’s initial basis in partnership interest b.    Monette’s taxable gain (Net debt relief to Monette of $35,000 [$15,000 - $50,000] exceeds his basis in contributed land) c.    Partnership’s basis in land Monette’s basis in land Monette’s taxable gain Basis of land to partnership

$100,000 25,000 $  50,000 $ 25,000 15,000 (50,000) $ 10,000 $ 0 $  10,000 $ 25,000 10,000 $  35,000

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