The default method of taxation imposed by the IRS on a multimember limited liability company is the partnership method. While I was studying for my masters degree on income tax law at the New York University law school I remember my partnership tax class professor telling the class that partnership tax was the hardest tax class in the entire graduate tax program. He was right then and this area of tax law has only gotten more complicated. This article summarizes the major partnership tax issues that concern all LLCs taxed as partnerships.
