Are Members of LLCs "Limited Partners"?

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2008-07-18
Authors
Harl, Neil
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Iowa State University Digital Repository
Abstract

Recent audit activity, particularly in the Plains states indicates that the Internal Revenue Service is becoming concerned once again about passive activity losses in the agricultural sector.1 The focus seems to be on limited liability companies (LLCs) which have become a popular choice for organizing business and investment ventures.2 The key question with LLCs and passive activity losses is whether a member of an LLC is considered for income tax purposes to be a limited partner.3

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