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Leslie Bonacum
Neil Allen

New Treatise From CCH Focuses On Partnerships And LLCS

(RIVERWOODS, ILL., March 1, 2001) – Practitioners who want an up-to-date and comprehensive guide on the taxation of partnerships and limited liability corporations now can turn to a useful, brand-new resource from CCH INCORPORATED (CCH), a leading provider of tax and business law information and software. Partnerships and LLCs: Tax Practice and Analysis, a new treatise by Thomas G. Manolakas, sets out the critical concepts and issues in partnerships and LLC practice, illustrating its points with hundreds of examples, practice observations, charts and insightful explanations. The thorough coverage also makes the book an excellent choice for courses on the taxation of these pass-through entities. (576 pages, $99. To order, call CCH at 1-800-248-3248 or visit the CCH online store at

Covers Entire Breadth of Partnership Taxation

In six sections, Partnerships and LLCs: Tax Practice and Analysis explains in detail the most important points of partnership and LLC practice. From choice of entity considerations to sales and liquidations, the entire breadth of partnership and LLC taxation is covered. Special attention is given throughout to the complex interworkings of rules that control and tax these entities.

In a section on preliminary considerations, key areas such as the "check the box" rules, "anti-abuse" rules, investment joint venture rules, the application of partnership taxation to LLCs, liability issues, passive loss limitations, audit issues, self-employment taxes, IRS classification, tax year and accounting method selection are set out.

The second section looks at property contributions and disguised sales, transactions between a partner and the partnership and formation and start-up expenses. A special summary table for the tax treatment of pre-opening expenses is included.

Next, the book explains the taxation of operations including partnership income rules, the pass-through concept and the partner's share of income and debt. Specific rules, reporting and compliance issues are thoroughly addressed. Form 1065 and Schedules L, M-1, M-2, K and K-1 are also explained.

Succeeding sections deal with the partner's share of partnership debt and disposition of a partnership interest. The final section covers distributions, including nonliquidating, liquidating, special distribution exceptions and disproportionate distributions. This section also includes coverage of the death or retirement of a general partner and special rules for service partnerships.

Appendices include federal tax forms and instructions, a case table, finding lists for Internal Revenue Code sections and Regulations and a topical index.

About the Author

Thomas G. Manolakas has been teaching tax-related continuing education to lawyers and CPAs across the nation for more than two decades and is the author of many program materials for continuing education courses offered annually by the California CPA Society and Bar Association. He has served as visiting or adjunct professor at the Hastings College of Law of the University of California, the Business Taxation Program of the Graduate School of Business at the University of Southern California, and the Graduate Tax Program of the University of San Diego School of Law.

An attorney and CPA, Mr. Manolakas has been a member of the tax departments of Arthur Andersen & Co. and PricewaterhouseCoopers, and is currently tax counsel to the law firm Boutin, Dentino, Di Giusto, Hodell & West, Sacramento, Ca.

Availability and Pricing

For more information or to purchase the 576-page Partnerships and LLCs: Tax Practice and Analysis, contact CCH at 1-800-248-3248 or visit the CCH online store at Single-copy price is $99 plus applicable tax, shipping and handling. Quantity discounts and school adoption pricing are available.


CCH INCORPORATED, headquartered in Riverwoods, Ill., was founded in 1913 and has served four generations of business professionals and their clients. The company produces more than 700 electronic and print products for the tax, legal, securities, insurance, human resources, health care and small business markets. CCH is a wholly owned subsidiary of Wolters Kluwer North America. The CCH web site can be accessed at The CCH Federal and State Tax group web site can be accessed at

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