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Principles of Taxation for Business and Investment Planning, 5/e

Sally M Jones, University of Virginia

The Taxation of Business Income

Sole Proprietorships, Partnerships and S Corporations

Internet Links Chapter 9

The following links are related to Chapter 9 material.

Choosing A Business Entity
(http://law.austin.com/selectbu.htm)

This site provides a nice list of the factors you should consider in choosing a business entity.

Limited Liability Corporation
(http://www.riker.com/feature/3089.html)

Some insights about LLCs.

Sole Proprietorships
(http://www.irs.ustreas.gov/basic/tax_edu/teletax/tc408.html)

A summary from the IRS about sole proprietorship tax filing and reporting.

Partners' Distributive Share
(http://www4.law.cornell.edu/uscode/26/704.html)

Section 704. A partners distributive share.

Income of a Nonresident Partner
(http://www.nol.org/revenue/chap77/sec2729.html)

Determination of the tax liability for a nonresident partner of a Nebraska partnership.

Tax Consequences to Partners
(http://www.law.cornell.edu/ny/ctap/083_0550.htm)

Here is a case that outlines the consequences of partners liquidating their partnership interest in a baseball team.

LLC Basics
(http://www.taxprophet.com/pubs/llc_nl.html)

Here are the basics of LLC's from The Tax Prophet.

Self-Employment Taxes-IRS
(http://www.irs.gov/basic/tax_edu/teletax/tc554.html)

A nice summary of the mechanics of the self-employment tax brought to you by the folks at the IRS.

EIN(Employer Identification Number)
(http://www.irs.gov/prod/tax_edu/faq/faq12-5.html)

What it is and how you get one.

Records Every Employer Must Keep
(http://www.dinf.org/ssa/handbook.14/hbk-1412.htm)

From the Social Security Administration.

Step-up in Basis for Partnership Interest
(http://www.taxacte.com/nl9611.htm)

Here is a professional's view of the process of handling the step-up in basis for a deceased partner's interest in the partnership.

Partnership Income or Loss
(http://www.irs.ustreas.gov/plain/forms_pubs/pubs/p54107.htm)

Here a quick summary for determining partnership income or loss.

Passive Activity and At-Risk Rules
(http://www.irs.ustreas.gov/forms_pubs/pubs/p925toc.htm)

Here are some rules that will restrict taxpayers' ability to deduct business losses against other forms of income.

Employment Taxes
(http://www.law.cornell.edu/uscode/26/ch25.html)

Here are the general IRC provisions for employment taxes. Check out a few of these links.

Self-Employment Taxes-II
(http://www.law.cornell.edu/uscode/26/ch2.html)

The IRS developed its summary above from these code sections. Could you derive the same summary.

SubChapter K
(http://www4.law.cornell.edu/uscode/26/stAch1scKpI.html)

Here is where the Partnership rules begin.

SubChapter S
(http://www4.law.cornell.edu/uscode/26/stAch1scSpI.html)

S corporation rules start here.

Partner Recognition of Gain and Loss
(http://www.law.cornell.edu/uscode/26/731.shtml)

Here is the tax consequences of distributions to partners. Code Section 731.

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