Question 1: Under 704(b), when there is a property distribution to a partner, name 3 relevant facts.
Question 2: Section 751(a) deals with partnership sale issues. What are the three categories of inventory when referring to partnership sales?
Question 3: What are the three separate limitations, or 'tests', when calculating the deductibility of partnership losses passed through to a partner?
Question 4: What is the difference between recourse and non-recourse debt and how does it affect different partner's shares of partnership debt?
Question 5: Under section 743(b), what does the price paid for the partnership interest affect and what does it not affect?
Question 6: What is a 'disguised sale' and how can it be avoided?
Question 7: How are payments to a retiring partner taxed?
Question 8: Compare and contrast S Corporations and partnerships.