ECN 204 Lecture Notes - Lecture 6: Foreign Tax Credit, Limited Partnership, Students Of Georgetown, Inc.
Document Summary
Partnerships can be 2 corps or 2 ppl or 1 corp and 1 person. 2 factors that suggest a partnership: joint liability of debts incurred by pt, an agreement that says how profits and losses are to be shared. If there is no agreement, partners are entitled to share equally in the partnership. Limited partnership: only interest in partnership is financial. If limited partner takes part in management, they are no longer a limited partner. Unless a rollover applies, transfers of property from a partner to a partnership happen at. A co venturer retains title to a property used in a joint venture (so if they traser property it"s not a taxable transaction) In a partnership, net income is computed at the partnership level, meaning cca is. Each partner cannot deduct cca independently (but in a joint venture, they can)
