Partnership Taxation, Fourth Edition

In this concise, tightly edited casebook, George K. Yin and Karen C. Burke emphasize core principles and policies to help students understand the overall structure and coherence of partnership taxation. The book’s organizational structure bridges concepts learned in the introductory income tax course and those presented in advanced tax courses, by offering a “building-block” approach that progresses from basic to complex partnership transactions. By emphasizing the policy choices that lend structure and coherence to the law, Partnership Taxationfacilitates an understanding of the overarching principles of partnership tax. Students learn the law from basic source material—the Code and regulations—as well as tightly edited cases and other guidance. Many problems, questions, and explanations supplement the presentation to guide students through the challenging material.

New to the Fourth Edition:

• The Fourth Edition reflects developments through February 2020, including:
• Expanded discussion of choice-of-entity issues in light of significant changes introduced by the 2017 tax legislation, including the 21% corporate tax rate and the section 199A passthrough deduction
• Revised regulations concerning allocation of partnership liabilities, including disregarded bottom-dollar payment obligations
• The temporary expensing deduction under section 168(k), as well as new limitations on business interest deductions and excess business losses
• New section 1061 imposing a three-year capital gain holding period for service partners receiving partnership interests in certain investment partnerships
• The revised definition of a “substantial built-in loss” under section 743(b) and repeal of the technical termination rule under section 708

Professors and students will benefit from:

• Approach: This book emphasizes core principles and policies to help students understand the overall structure and coherence of partnership taxation.
• Organization: The organizational structure bridges concepts learned in the introductory income tax course and those presented in advanced tax courses; “building-block” approach progresses from basic to complex partnership transactions.
• Depth: By providing in-depth coverage while avoiding unnecessary detail, the revised Fourth Edition facilitates mastery of the material and prepares students to think rigorously and creatively about the kinds of problems they will encounter as practitioners of tax and business law.

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