New Practice Units Added

The IRS issues several new practice units each year.  Practice units provide a general discussion of a concept, process or transaction and are a means for collaborating and sharing knowledge among IRS employees.  Although practice units are not official pronouncements of law or directives and cannot be used, cited or relied upon, they provide insight into complex tax topics.  The following practice units have been issued so far in 2025.

Sale of a Partnership Interest
Self-Employment Tax and Partners
French Foreign Tax Credits
FTC General Principles
FTC Limitation and Computation
Foreign Earned Income Exclusion Adjustment
Sourcing of Salary and Compensation
Determining Liability Allocations
Recourse vs. Nonrecourse Liabilities
Partner’s Outside Basis
Liquidating Distributions of a Partner’s Interest in a Partnership
Identifying a Taxpayer Electing a Partial Disposition of a Building
Examining a Taxpayer Electing a Partial Disposition of a Building
FTC Categorization of Income and Taxes
FTC Carryback and Carryover
FTC Sourcing of Income

A complete list of all practice units can be found here.

Erik Lincoln is a founding member of Lincoln. In addition to being an attorney he is also a CPA. Erik has consistently been recognized as one of the top attorneys in North Carolina, by Business North Carolina.