U.S IRS Updates Practice Units on Certain Partnership Issues

The U.S. IRS has updated practice units on certain partnership issues, including:

• Determining Liability Allocations, which focuses on determining the allocation of liabilities in partnerships under IRC 752, exploring how liability types (recourse, nonrecourse, and qualified nonrecourse) impact a partner's basis in their partnership interest;
• Self-Employment Tax and Partners, which explains the circumstances under which an individual partner's distributive share of income is subject to self…