What are differences among limited liability partnership

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Reference no: EM13498210

Discussion Question 1

• What limitations exist on the deductibility of executive compensation?

• Do they apply to all business entities?

• Are there any exceptions to the limitations? Explain.

Discussion Question 2

• From a tax perspective, explain the advantages and disadvantages of the partnership form of business. What are the differences among limited liability partnership (LLP), limited partnership (LP), and general partnership?

• A taxpayer contributes $1,000 into a limited partnership. At the end of the partnership tax year, the taxpayer's pro-rata share of the loss is $2,000. Ignoring passive activity rules, what is the taxpayer's at risk amount? Explain.

Reference no: EM13498210

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