IRS addresses LLC issues in Delaware statute and cash-basis accounting. (limited liability companies): An article from: The Tax Adviser

This digital document is an article from The Tax Adviser, published by American Institute of CPA's on August 1, 1993. The length of the article is 1098 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: IRS rulings are starting to settle tax issues involving the use of limited liability companies (LLCs). They issued a letter ruling on LLCs in Delaware, clarifying the classification of partnerships and corporations. Some of the tests involved in classifying a LLC as a corporation include continuity of life, centralization of management, limited liability and free transferability of interest. The IRS also ruled to allow a LLC to use cash-basis accounting since it was not deemed a tax shelter.

Citation Details
Title: IRS addresses LLC issues in Delaware statute and cash-basis accounting. (limited liability companies)
Author: Lawrence W. McKoy
Publication:The Tax Adviser (Magazine/Journal)
Date: August 1, 1993
Publisher: American Institute of CPA's
Volume: 24 Issue: n8 Page: 509(2)

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