Patnership Income Taxation

As a practicing attorney there are many books on my desk at any given time, but this is one of the few that I return to on a daily basis for a clear and brief explanation of taxation of partnerships. If you work with partnerships, limited partnerships or limited liability companies as an attorney, accountant, investor/member/partner or manager, I highly recommend this book. You won't regret it.

Partnership taxation can be incredibly complex. I am an attorney and have been looking for a book on partnership tax to suggest to my clients. This is the best book I have found for the businessman that wants to know more, but has not had formal graduate school level training in partnership taxation.

In their preface, Professors Gunn and Repetti preview the daunting task they faced in writing and revising this student reader: how to provide a simple introduction to the extremely complex area of partnership taxation. In this reviewer's opinion, Gunn and Repetti have well achieved their goal. My opinion is based on teaching taxation at the law school level for well over ten years. During that time I have taught partnership tax as both a stand alone course and as part of a combined taxation of business entities. For law students beginning their inquiry into partnership taxation, Gunn and Repetti's reader provides useful explanations and examples to a range of issues. In my opinion the strongest part of the book are the examples, particularly the Section 704(b) special allocations and the Section 704(c) allocations. These explanations are not a substitute for a careful reading of the regulations. They do, however, provide accessible examples for students who are struggling for a handhold in these complicated areas. I have recommended the earlier editions of this book to my students in the past and will continue to recommend this latest edition.

This book really saved my bacon in partnership tax. It provides very clear explanations of complex items with hundreds of examples. If you are new to partnership tax, this is the book to get.