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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: hmaly who wrote (161612)	2/19/2003 6:14:50 PM
From: i-node	Read Replies (1) \| Respond to of 1578015

Hmm On average, aren't most of the people who sold limited partnerships bigger crooks than oil company executives? Well, limited partnerships are a legitimate form of business; however, in the past they were a favorite form of organization for tax shelters. All income, deductions, credits, etc. are passed through to the partners for inclusion on their personal returns, while only one partner typically (the "general" partner) takes on liability exposure in excess of the amount invested. If you have a money losing business owned by several people, the Limited Partnership is often a good way to go (they've sort of been replaced by newer "LLC" and "LLP" entities recently, and Reagan's '86 tax act plugged up the major tax loopholes with "Passive Activity Loss Limitations" under Code Section 469. Willie Nelson knows all about 'em...