Case study tax draft
Dear Fred and Grady, Greetings! The agreement that the two of you, both partners of FG Partnership, would be able to allocate the $100, 000 recourse debt equally between yourselves is valid. However, further provision of the agreement requiring Fred to make up any deficit balance within 90 days of liquidation of the partnership is questionable. According to the Internal Revenue Code (IRS), in order […]