1-what is inside basis and outside basis, and why are they relevant for taxing partnership and partners?

2-Distinguish between a capital interest and a profits interest, and explain how partners and partnerships treat each when exchanging them for services provided.

3-why do you think partnerships, rather than the individual partners, are responsible for making most of the tax elections related to the operation of the partnership?

4-Explain the least. Aggregate deferral test for determining a partnerships year end and discuss when it applies.

5-what is a partnerships ordinary business income loss and how is it calculated?

6-how much flexibility do partnerships have in allocating partnership items to partners?

7-why does a partners tax basis in her partnership interest need to be adjusted annually?

8-What hurdles or limitations must partners overcome before they can ultimately deduct partnership losses on their tax returns?

9-what happens to partnership losses allocated to partners in excess of the tax basis in their partnership interests?

10-under what circumstances can partners with passive losses from partnerships deduct their losses?