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Members of oil and gas partnerships should read about the deduction for depletion in chapter 9 of that publication.
Certain partnerships must have a tax matters partner (TMP) who is also a general partner.
A limited liability company (LLC) is an entity formed under state law by filing articles of organization as an LLC.
Unlike a partnership, none of the members of an LLC are personally liable for its debts.
For this purpose, members of a family include only spouses, ancestors, and lineal descendants (or a trust for the primary benefit of those persons). The son's share of partnership profit cannot be more than ,000.If a family member (or any other person) receives a gift of a capital interest in a partnership in which capital is a material income-producing factor, the donee's distributive share of partnership income is subject to both of the following restrictions. The father performed services worth ,000, which is reasonable compensation, and the son performed no services.For purposes of determining a partner's distributive share, an interest purchased by one family member from another family member is considered a gift from the seller. The ,000 must be allocated to the father as compensation.An unincorporated organization with two or more members is generally classified as a partnership for federal tax purposes if its members carry on a trade, business, financial operation, or venture and divide its profits.However, a joint undertaking merely to share expenses is not a partnership.