Describe partnership contributions and distributions. Please include information on the taxability of partnership contributions (Chapter 19) and

Question:

Describe contributions and distributions. Please include information on the taxability of contributions (Chapter 19) and distributions (Chapter 20) and how the IRS has created various elections to counterbalance or minimize the uneven effects of certain types of distributions.

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...