Most tax advisers are aware that, prior to the Tax Reform Act of 1986 (the “TRA”),[i] the Code placed few limitations on the ability of an individual taxpayer to use deductions from a particular ...

The allocation of a partnership’s liabilities can have important tax consequences. A partner’s tax basis in his partnership interest includes his share of the partnership’s liabilities. A partner’s ...

Negative cash flows, high vacancy rates, environmental and geographic concerns and other macroeconomic factors are all risks, and, therefore, reasons why real estate owners may experience operating ...