Federal and State Taxation of Limited Liability Companies (2007)

Federal and State Taxation of Limited Liability Companies provides clear and reliable guidance on the taxation of limited liability companies. It answers all the important questions on federal tax issues applicable to LLCs with detailed references to the Internal Revenue Code, Regulations, cases, revenue rulings and private letter rulings. It provides a state-by-state analysis of state tax laws and filing requirements in all 50 states and the District of Columbia, with references to the applicable tax forms and places of filing listed. It explains how to prepare the most common LLC tax forms, state tax forms, checklists, practice tips, tables, and examples. This comprehensive manual offers scrupulous and exhaustive coverage of LLC taxation that accountants, tax attorneys, and CPAs working with LLCs will find indispensible for daily reference. The 2007 Edition of Federal and State Taxation of Limited Liability Companies brings you up to date on the latest developments including new and expanded coverage of the following: --changes made by the Tax Increase Prevention and Reconciliation Act --rulings and regulations issued by the IRS under the Energy Tax Incentives Act of 2005, the Zone Opportunity Zone Act of 2005, the American Jobs Creation Act of 2004, and the Working Families Tax Relief Act of 2004 --final regulations issued in May 2006 on domestic production activities under Code Section 199 --final IRS regulations on mergers involving LLCs classified as partnerships or disregarded entities --final regulations for withholding and reporting of U. S. taxes paid by an LLC to foreign members --final regulations on the classification of LLCs -- tax treatment and tax reporting requirements for payment of health insurance premiums by an LLC for members of the LLC --tax consequences of investment interest expense and distribution of refinancing proceeds --cases and rulings on the requirements for minority and marketability discounts for interests in LLCs