This course examines tax issues relating to the formation, operation and sale of partnerships. The various types of partnerships - general, limited, family and publicly traded - are explored and analyzed. The pass-through concept of partnerships is examined from the basic flow of income and deductions to partners to disproportionate special allocations having substantial economic effect. Partnership is discussed in the context of deduction of losses, Form 1065, separately stated items, and taxable year. A special chapter is devoted to the sale and exchange of partnership interests. Limited liability companies are explained and compared to other business entities.