Tax Reform – Should Partnerships And S Corporations Follow The Same Rules ?
The biggest difference between S corporations and partnerships is probably the fact that owners have basis in their share of the partnership’s liabilities
Current Tax Reform Push Less Promising Than 1986
The primary theme is “Hooray for tax simplification, but not in my back yard”. There was one exception that I noted, 3M Company would throw the R&D credit and accelerated depreciation under the bus in exchange for lower rates. Of course, after we get the Internal Revenue Code of 2014 enacted, they might be back in 2016 explaining how much better things were when we had an R&D credit.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.