Partnerships and limited liability companies, long known as tax efficient forms of engaging in business, are useful tools for many investors and business operators, including real estate owners, syndicators, domestic and foreign co-venturers, and small businesses, as well as large corporations crafting strategic alliances. Members of the Tax Practice Group are experienced in identifying and addressing the issues imbedded in the complex regulations specifically applicable to these entities governing capital contributions, taxable and nontaxable distributions, tax allocations, apportionment of liabilities in investors' tax basis, the award of interests to service members, dispositions of entity interests, and dissolution and terminating transactions.