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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: kaz who wrote (1754)1/13/1999 5:40:00 PM
From: Colin Cody  Read Replies (1) of 5810
 
Generally the IRS would follow any reasonable, honest business-like allocation that the partners would enter into.

If you try to "play games", for instance if one partner had no taxes and the other partner paid taxes, and there was a questionable business purpose for doing this, then they might challenge the allocation.

Colin
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