Melinda, Gabe, and Pat each contributed $10,000 cash to start up the MGP General Partnership on January 1 this year. Each partner shares equally in partnership income, losses, deductions, gains, and credits. At the end of the year, the partnership balance sheet reads as follows.
How will the basis computations of the partners’ interests be affected by the partnership debt?
Find an article that discusses the increasing regulation of ‘‘corporate America.’’ Outline the pros and cons of such regulation from your viewpoint and that of the author. In this regard, does it matter whether S or C corporations are involved? Send your list in an e-mail to your instructor.
When did your state adopt LLC legislation? When did it receive IRS approval to apply partnership tax law to the entities? Provide the pertinent dates and give the citations for the resulting documents. Find an article describing how a specific business put together its employee fringe benefit package in light of the limitations presented by the tax law and its form of operation.