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I’m sure you’ve heard this question before. With more accounting firms relying on artificial intelligence than ever, will it replace […] The post Will AI Take Over Accounting Anytime Soon? appeared first on Future Firm.
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Internal Revenue Code (IRC) Section 721 permits the exchange of property for a partnership interest to be treated as nonrecognition, meaning neither the partner nor the partnership realizes any gain or loss from the transaction. However, services are not considered property under IRC Section 721. Therefore, the exchange of a partnership interest for services does not qualify for this treatment and may result in tax consequences for both the partner and the partnership, contingent on the type of
Internal Revenue Code (IRC) Section 721 permits the exchange of property for a partnership interest to be treated as nonrecognition, meaning neither the partner nor the partnership realizes any gain or loss from the transaction. However, services are not considered property under IRC Section 721. Therefore, the exchange of a partnership interest for services does not qualify for this treatment and may result in tax consequences for both the partner and the partnership, contingent on the type of
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The Trump administration is challenging a federal trial judges order blocking DOGE from having full access to personally identifiable information in the Social Security Administration database.
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