In service partnerships, if properly booked for tax purposes pursuant to Treasury Regulations under IRC 731, partners
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In service partnerships, if properly booked for tax purposes pursuant to Treasury Regulations under IRC 731, partners who receive so-called "draw" allowances are not deemed to receive distributions of such amounts until the end of the partnership tax year, immediately after which upward basis adjustments have been made for income and gain allocations.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: