(Part 2) Top products from r/tax
We found 6 product mentions on r/tax. We ranked the 26 resulting products by number of redditors who mentioned them. Here are the products ranked 21-40. You can also go back to the previous section.
22. The Big Short: Inside the Doomsday Machine
Sentiment score: 0
Number of reviews: 1
The Big Short Inside the Doomsday Machine
Show Reddit reviews23. The Logic of Subchapter K: A Conceptual Guide to the Taxation of Partnerships (American Casebook Series)
Sentiment score: 1
Number of reviews: 1
Show Reddit reviews24. Taxing Ourselves, 4th Edition: A Citizen's Guide to the Debate over Taxes
Sentiment score: 0
Number of reviews: 1
NewMint ConditionDispatch same day for order received before 12 noonGuaranteed packagingNo quibbles returns
Show Reddit reviews
I would also advise you to be aware of what's going through their capital accounts. For a partnership there are technically three sets of capital accounts: 704(b) ('book' per the code), book per the books (GAAP ideally), and then tax capital. Those could potentially all be different, especially if it was property that was contributed to start the partnership. A partnership is basically a big exercise in tracking capital accounts.
As for what you need, as Hitemup27 said, you'll need a set of financials. Last year's return is also reasonable to ask for. That will give you the book sharing ratios, but you absolutely want the partnership agreement as well. That agreement is what dictates how the partnership operates and will give you your TAX sharing ratios. Those are the two most important pieces of information in my mind.
A partnership is a really complex tax beast, arguable the MOST complicated single return type (i.e. not a crazy corporate consolidation). There is a great book out there called the Logic of Subchaper K (http://www.amazon.com/The-Logic-Subchapter-Conceptual-Partnerships/dp/0314233644) that will help with understanding how a partnership operates.
Good luck!
I'm actually reading a book right now that (among other things) talks about why Congress continues to cut the IRS budget. Starting somewhere around the Reagan/Bush (H.W.) administrations, becoming 'anti-tax' became a very politically popular thing. The anti-tax folks decided that since they couldn't get rid of taxes altogether, they'd just weaken the enforcement arm. Pretty interesting stuff.
Here's a link if you're interested: http://amzn.com/0262027135
Some books I've enjoyed:
Sure. I recommend reading: http://www.amazon.com/Will-Teach-You-To-Rich/dp/0761147489
That's finance for people who are REALLY new to finance.
After you read that, read http://www.amazon.com/Bogleheads-Guide-Investing-Taylor-Larimore/dp/0470067365
If you do what's in those books, you will be fine.
Check out the book Taxing Ourselves.
:D
I learned the word from Michael Lewis.