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Corp. Tax Test 3(1)

Chapter 9: Partnerships, 9-1 to 9-2e

TermDefinition
Inside Basis A partnership's basis in the assets it owns
Aggregate Concept The partnership is a conduit for the partners to receive income, credits, deductions, and other items
Entity Concept Concept that treats partners and partnerships as separate units and gives the partnership its own personality, for example, the partnership has to file an information return that summarizes its activities for the tax year
Combined Concepts Aggregate covers most of the general rules, exception rules governed by entity
Carryover Basis the partner’s basis in the asset carries over to become the partnership’s inside basis in the asset
Substituted Basis the partner’s basis in the contributed assets transfers over to become the partner’s outside basis in the partnership interest
Code 709 Costs associated with starting a partnership(organizational costs), startup business operations(startup costs), selling partnership units to prospective partner(syndication costs), acquiring assets, first $5000 is deductible then amortized over 5 years
Code 195 costs needed to investigate, create or acquire active trade before operations begin, like advertising, marketing or legal fees. Immediate deduction then amortization
Code 162 Costs associated with normal business operations like paying staff, marketing surveys, staff training, advertising and professional fees. Fully deductible
Code 197 Intangible assets, goodwill, trademarks. Amortized over 15 years
Guaranteed Payment Partner's salaries or payments for use of capital. Fully deductible.
1231 Asset Property used in a business, held for over 12 months, including machinery, buildings, land, rental real estate, and timber/livestock.
Created by: user-2035215
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