Publication 541
Partnerships

For use in preparing 2002 Returns

Table of Contents

[ Click for Index ]

Publication 541, Partnerships

• Important Change for 2002
• Important Change for 2003
• Important Reminder
• Forming a Partnership
  • Organizations Classified as Partnerships
  • Family Partnership
  • Partnership Agreement
• Terminating a Partnership
  • IRS
• Exclusion From Partnership Rules
• Tax Year
  • Required Tax Year
  • Exceptions to Required Tax Year
• Partnership Return (Form 1065)
• Penalties
• Partnership Income or Loss
• Partner's Income or Loss
  • Figuring Distributive Share
  • Reporting Distributive Share
  • Limits on Losses
  • Partner's Exclusions and Deductions
• Partnership Distributions
  • Partner's Gain or Loss
  • Partner's Basis for Distributed Property
• Transactions Between Partnership and Partners
  • Guaranteed Payments
  • Sale or Exchange of Property
  • Contribution of Property
  • Contribution of Services
• Basis of Partner's Interest
  • Adjusted Basis
  • Effect of Partnership Liabilities
• Disposition of Partner's Interest
  • Sale, Exchange, or Other Transfer
  • Liquidation at Partner's Retirement or Death
  • Payments for Unrealized Receivables and Inventory Items
• Adjusting the Basis of Partnership Property
• Form 1065 Example
  • Page 1
    • Income
    • Deductions
    • Ordinary Income (Loss)
    • Signatures
  • Page 2 Schedule A
  • Schedule B
  • Pages 3 - 4 Schedule K
    • Analysis of Net Income (Loss)
  • Page 4 Schedules L, M-1, and M-2
    • Schedule L
    • Schedule M-1
    • Schedule M-2
  • Schedule K-1 (Form 1065)
  • Allocation of Partnership Items
    • Income (Loss)
    • Deductions
    • Investment Interest
    • Self-Employment
    • Other
• How To Get Tax Help

Index

[ Click for Table of Contents ]

A

• Allocations, Built-in gain or loss
• Allocations, Installment sale
• Allocations, Interest expense
• Allocations, Nonrecourse liability
• Allocations, Partnership items
• Allocations, Substantial economic effect
• At-risk limits
• Audit, consolidated

B

• Basis, partnership, Adjusting
• Basis, partnership, Distributions
• Basis, partnership, Election, optional adjustment
• Basis, partnership, Transfer of interest

C

• Capital interest
• Community property
• Contribution, Basis of property
• Contribution, Distribution of property
• Contribution, Net precontribution gain
• Contribution, Property
• Contribution, Services

D

• Definition, partnership
• Determining ownership
• Distributions, Gain or loss
• Distributions, Partner's debt
• Distributions, Partnership
• Distributive share, Adjusted basis
• Distributive share, Canceled qualified real property business debt
• Distributive share, Character of items
• Distributive share, Determined by interest in partnership
• Distributive share, Figuring
• Distributive share, Guaranteed payments
• Distributive share, Limits on losses
• Distributive share, Reporting
• Distributive share, Self-employment income
• Distributive share, Self-employment tax
• Distributive share, Year of disposition

E

• e-file
• Expenses paid by partner

F

• Form 1065, Example
• Form 1065, Schedule K-1
• Form 1065, Schedule K-1
• Form, 8082
• Form, 8275
• Form, 8308
• Form, 8582
• Form, 8736
• Form, 8832
• Form, 8865
• Form, 8886
• Form, 982

G

• Gross income, partner

I

• Inventory items, substantially appreciated

L

• Liability, Assumption of
• Liability, Partner's assumed by partnership
• Liability, Partnership's
• Limited liability company
• Liquidation, Constructive
• Liquidation, Partner's retirement or death
• Losses, Partner's
• Losses, Sales or exchanges

M

• Marketable securities

N

• Not-for-profit activity

P

• Partner's, Alternative minimum tax
• Partner's, Basis, Distributed property
• Partner's, Estimated tax
• Partner's, Interest, Acquired by gift
• Partner's, Interest, Alternative rule, adjusted basis
• Partner's, Interest, Basis
• Partner's, Interest, Book value
• Partner's, Interest, Liquidation of
• Partner's, Interest, Mandatory basis adjustment
• Partner's, Interest, Sale, exchange, transfer
• Partner's, Interest, Special basis adjustment
• Partner's, Transactions with partnership
• Partnership, Abandoned or worthless interest
• Partnership, Agreement
• Partnership, Capital interest
• Partnership, Exclusion from rules
• Partnership, Family
• Partnership, Husband-wife
• Partnership, Income or loss
• Partnership, Terminating
• Passive activities
• Penalties, Failure to file
• Penalties, Failure to furnish copy of Schedule K-1
• Penalties, Other
• Penalties, Trust fund recovery
• Principal partner defined
• Profits interest

R

• Related person

S

• Section 179 deduction
• Self-employed health insurance
• Self-employment income
• Short period return
• Suggestions
• Syndication fees

T

• Tax shelter disclosure statement
• Tax withholding, foreign person or firm
• Tax year, Business purpose
• Tax year, Exceptions
• Tax year, Partner
• Tax year, Partnership
• Tax year, Required
• Tax year, Section 444 election
• Tax year, Short period return
• Taxpayer Advocate
• TTY/TDD information

U

• Unrealized receivables