The partnership agreement often provides for the allocation of separately stated items of partnership income, gain, loss, deductions and credits among the partners (known as a partner’s distributive ...

The American Institute of CPAs (AICPA) has submitted additional clarification and feedback on sourcing rules for partnership income to the Multistate Tax Commission (MTC) and its working group ...

The American Institute of CPAs has sent a letter to the Multistate Tax Commission and a related work group recommending changes in their proposed approach to state tax sourcing of partnership income.

No gain or loss generally is recognized on a transfer of property to a partnership in exchange for an interest in that partnership for federal income tax purposes (note that “partnership” here ...