The U.S. IRS has updated practice units on certain partnership issues, including: Determining Liability Allocations, which focuses on determining the allocation of liabilities in partnerships under IRC 752, exploring how liability types (recourse, nonrecourse, and qualified nonrecourse) impact a partner's basis in their partnership interest; Self-Employment Tax and Partners, which explains the circumstances under which an individual partner's distributive share of income is subject to self-employment tax (SECA tax), focusing on the rules, exceptions, and exclusions under IRC 1402(a); and Sale of a Partnership Interest, which addresses the tax implications of selling a partnership interest, focusing on the characterization and...