The United States has tax treaties with nearly 70 countries to prevent double taxation and curb tax evasion. These treaties, based on Article II, Section 2 of the U.S. Constitution, are reciprocal and...
Real estate activities are highly regulated, and each state has laws governing specific prohibited practices as well as liabilities and penalties for violations. Explore this state law survey covering...
Contractual disputes regarding allegations of fraud are often complex, time-consuming, and expensive to litigate. Parties may amicably negotiate an acquisition agreement without even considering whether...
This practice note covers FDA prior notice requirements for imported food, including scope and exceptions, notification contents and timing, methods of submitting notice, and consequences for failing to...
Do you need guidance on drafting international employment contracts? Read our International Employment Agreements: Key Drafting Tips practice note, by John L. Sander, Michael Watts, and William Ellis,...
The most prominent tax characteristic of a partnership or LLC is that these entities are flow-through entities for tax purposes. Consequently, the entities do not pay taxes themselves. Rather, they report to the IRS their income and the partners' or members' distributive shares of this income. who then pay their appropriate share of taxes, if any, on their own tax returns. But while partnerships and LLCs are not taxpaying entities, the Code routinely refers to the net ordinary income or loss from the operations and investments of these flow-through entities as "taxable income or loss." Learn more about the computation.
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