Since codification of the economic substance doctrine in March of 2010, representatives of the Treasury department have assured taxpayers that no change in substantive law was intended, and the statutory language is relatively narrow. But courts have used the phrase “economic substance” for...

Section 704(c)(1)(A) governs the taxation of unrealized appreciation and loss in property contributed to a partnership. The principles underlying §704(c)(1)(A) also apply to property held by a partnership when additional property is contributed to the venture or existing property is distributed...

The law of cancellation of indebtedness has changed recently in ways good and bad. Homeowners facing foreclosure have been provided tax relief, as have corporations and others unable to pay their business loans. Creditors of partnerships, however, have learned that their bad-debt deduction must...

While the computation of gain or loss on the sale of a partnership interest seems easy to determine, it can be problematic if some but not all of the partner's interest is sold. In addition, if the selling partner has been allocated a share of the entity's indebtedness under section 752, a naive...

In this Article, three methods of exiting are partnership are examined. Each exit strategy offers significant tax advantages to the nonexiting partners. In two of the exit strategies, well-known defects in Subchapter K are exploited, and I conclude that the strategies cannot be attacked...

Now that the excitement over partnership carried interests temporarily has receded, it is worthwhile to identify where we are, how we got here, and where we are likely to end up. The issues raised by carried interests have been recognized and understood for decades, and generations of scholars...

There is surprisingly little material available that speaks to the proper allocation of tax credits within a partnership. This paper seeks to fill that gap, discussing both the general rule applicable to the allocation of tax credits as well as the special rule applicable to the allocation of...