Reviewing Authority in Handling LLC Losses

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dc.contributor.author Harl, Neil
dc.contributor.department Iowa State University Digital Repository
dc.date 2018-02-19T06:41:21.000
dc.date.accessioned 2020-06-29T22:57:53Z
dc.date.available 2020-06-29T22:57:53Z
dc.date.embargo 2017-12-20
dc.date.issued 2015-07-10
dc.description.abstract <p>As is well known, a limited liability company (LLC) is a hybrid with the structural features derived heavily from corporate law and with the income taxed as a partnership1 unless the check-the-box option is employed2 to shift taxation to that of an “association”3 which is basically corporate tax treatment.4 The regulations make it clear that the tax treatment of a change in classification of an entity for federal tax purposes is determined under the Internal Revenue Code :. . . and general principles of tax law.”5 Moreover, if an LLC commences operation under the so-called “default” provision (taxed as a partnership), as is often the case because of the likelihood of start-up losses, especially in the early years of the entity), the initial operating agreement typically reflects partnership tax treatment. A later election to shift taxation as an association with a filing of Form 8832 may require amendments to the operating agreement in implementation of the shift in classification to corporate tax treatment.</p>
dc.identifier archive/lib.dr.iastate.edu/aglawdigest/vol26/iss14/1/
dc.identifier.articleid 2284
dc.identifier.contextkey 11280254
dc.identifier.s3bucket isulib-bepress-aws-west
dc.identifier.submissionpath aglawdigest/vol26/iss14/1
dc.identifier.uri https://dr.lib.iastate.edu/handle/20.500.12876/3764
dc.source.bitstream archive/lib.dr.iastate.edu/aglawdigest/vol26/iss14/1/AgLawDigest_v26n14_01.pdf|||Fri Jan 14 17:51:25 UTC 2022
dc.subject.disciplines Agricultural and Resource Economics
dc.subject.disciplines Agricultural Economics
dc.subject.disciplines Agriculture Law
dc.subject.disciplines Public Economics
dc.title Reviewing Authority in Handling LLC Losses
dc.type article
dc.type.genre article
dspace.entity.type Publication
relation.isJournalIssueOfPublication e674b256-a510-4fc6-b01d-66aa1b2a8364
relation.isOrgUnitOfPublication d2bcee6c-7cba-4fa7-bd11-543354ce7b1b
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