The balance of an individual partner's capital account is the byproduct of that partner's share of profit and loss over the period he was an equity partner plus any contributions he made, less any ...

The Tax Court addressed the proper treatment of an accounting firm’s distributions of “client-based” intangible assets, the capital accounting rules of Regs. Sec. 1.704-1(b)(2)(iv), and the tests for ...

Under the regulations, the REIT’s proportionate interest in a partnership is determined based upon its capital interest in the partnership. The IRS has found that, because a partner’s capital account ...

The partnership agreement often provides for the allocation of separately stated items of partnership income, gain, loss, deductions and credits among the partners (known as a partner’s distributive ...