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by Dmitriy Kustov CPA EA MS Tax *
Sub K's Cubist Period
The word, "partnership," has so many common place meanings and could mean so much these days that we should not blame those taxpayers who do not understand all the technicalities of partnership for tax purposes. Curiously, the Wikipedia's article on partnerships admits that federal law does not have a clear rule for what is a partnership. As a result, the Internal Revenue Code is as close as it gets to the authority on the federal level as to what a partnership really is:Although the federal government does not have specific statutory law for establishing partnerships, it has an extensive and hyperdetailed statutory scheme for the taxation of partnerships in the Internal Revenue Code. The IRC is Title 26 of the United States Code wherein Subchapter K of Chapter 1 creates tax consequences of such great scale and scope that it effectively serves as a federal statutory scheme for governing partnerships.
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