동업기업 지분가액의 조정에 관한 연구

This article evaluates and suggests ways to improve the partners' bases adjustment rule under the partnership taxation as follows；First, there exists a difference between partnership's net assets and total bases of partners' interests in the partnership in case that ⅰ) an allocation of deficit exceeds partner's basis, ⅱ) a partner's interest in the partnership is transferred by sales, exchange, inheritance or gift, ⅲ) partnership's distribu- tion to partners exceeds partners' bases. Since this difference could result in double taxation or double deduction, the difference should be eliminated by increasing or decreasing the bases of assets held by the partnership. Second, it is uncertain how to allocate income or loss arising before a partner's interest in the partnership is transferred where the transference is made during the partnership taxable year since all income or loss could be allocated only at the end of the partnership taxable year. In order for reflecting economic reality, income or loss arising before the transference should be measured at the transference, allocated to the transferring partner and the partner's basis should be adjusted. And then, a gain from the sales of the partnership interests should be recognized. Third, a basis adjustment for a asset distribution to a partner is made before that for an allocation of income where the distribution and the allocation occur simultaneously under the current rule. However the basis adjustment for an allocation of income should be made before that for a asset distribution so that the possibility of recognizing a gain from sales of partnership interests is lowered. Fourth, partners' bases adjustments should be made for exclusions form taxable income and deduction as well as non-taxable income for the purpose of maintaining the effect of exclusions.