Video: Decisions Made by Partnership vs. Individual Partners

In this lesson, Nick Palazzolo, CPA, breaks down the different decisions and elections available at both the partnership level and the individual partner level. With a clear distinction between the two, Nick dives into the key aspects such as organizational expenditures, startup costs, choice of accounting methods, and tax year selections. He further clarifies the nuances of elections like opting out of installment sale treatment and section 754 elections. On the flip side, he describes the choices individual partners face, including decisions on material participation and how to handle taxes paid to foreign countries. Offering insights into the strategic implications of these choices, this lesson serves as a guide through the complex maze of partnership and individual elections and their tax impact.