Question: Describe partnership contributions and distributions. Please include information on the taxability of partnership contributions (Chapter 19) and distributions (Chapter 20) and how the IRS has

Describe partnership contributions and distributions. Please include information on the taxability of partnership 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.

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Partnership is an arrangement or a form of business organization in which two or more parties come together to achieve specified economic objective Each such party to the organization is known as part... View full answer

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