In previous articles, the collapsible partnership rule has been discussed.  The article below has been prepared by a tax attorney to further our discussion of this rule and provide an example of the rule when partner’s allocation of profits and losses are different.  Many partnership agreements call for special allocations whereby one partner (or multiple...Read More

To become an S Corporation (or to be taxed as an S Corporation) an election is made with the Internal Revenue Service.  In addition to such election, an S Corporation must meet certain requirements related to: it’s shareholders, types of shares and numbers of shares.  The video below has been prepared by a Denver business...Read More

Form 1120S is the corporate income tax return form for S Corporations, whereby a corporation will state items of income, expenses and thus net income.  Further, a shareholder’s K1 will be attached to the 1120S.   Contact The McGuire Law Firm to schedule a free consultation with a Denver Tax Attorney!Read More

Many individuals have rental properties and will ask questions regarding the tax implications of such rental income.  In the video below a Denver tax lawyer  discusses general issues regarding rental income, including Schedule E, which is generally where rental income would be claimed.   You can contact The McGuire Law Firm to speak with a...Read More

In a previous article, we discussed a stock swap statutory merger, which may be considered a “plain vanilla” statutory merger between two corporations.  It was also noted that this merger would be a tax free reorganization, known as an A Reorganization.  Certainly, not all mergers are tax free reorganizations.  The article below has been drafted...Read More

The collapsible partnership rule has been discussed in previous articles.  The article below is an example of a transaction whereby the collapsible partnership rule would apply.  The example below should help illustrate when the sale of a partnership interest can generate ordinary income and the allocation of basis to determine the amount of ordinary income...Read More

A partnership agreement may be one of the most important documents for your partnership.  This agreement can govern the day to day operations of the partnership, how important business decisions are made, how income, gain and loss is allocated and more.  A business attorney at The McGuire Law Firm can discuss this agreement with you...Read More

In a previous article drafted by a tax attorney at The McGuire Law Firm, taxation issues upon the sale of a partnership interest were discussed.  The article below has been drafted by a Denver tax attorney to discuss the character of the gain or loss upon the sale of a partnership interest and the Collapsible...Read More

Are you considering selling your partnership?  If so, are you wondering what the tax implications and issues of such sale and disposition will be?  The article below has been drafted by a Denver tax attorney at The McGuire Law Firm and discusses the tax matters and issues regarding the sale of an entire partnership business....Read More

What is economic effect in relation to substantial economic effect?  In previous articles I have discussed substantial economic effect in general and the background or history.  The regulations under IRC 704(b) test a partnership allocation to determine if it has substantial economic effect, and such is a two-part test.  First the allocation must have economic...Read More