If your small business generates income from overseas sources -- by selling products abroad, for example -- or if it has invested in income-producing assets located overseas, it may reduce its U.S.

S corporations and partnerships operate similarly, as the owners both calculate their basis in their business. Both are flow-through tax entities where the owners are individually taxed on their ...

A partner’s tax basis in his partnership interest (referred to as “outside basis”) generally represents his economic investment in a partnership plus his share of the partnership’s liabilities. In ...

On January 10, 2025, the United States Internal Revenue Service (the "IRS") released final regulations (the "Final Regulations") under section 6011 of the Internal Revenue Code of 1986, as amended ...

The IRS has released a set of proposed regulations to prevent abuses of the partnership basis adjustment rules, disallow partnership loss transfers and avoid some of the abuses uncovered by the Enron ...

On April 17, 2025, the IRS issued Notice 2025-23, which announced its intent to publish a notice of proposed rulemaking to remove Treasury Regulations Section 1.6011-18 that identifies certain ...