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Simple English definitions for legal terms

collapsible partnership

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A quick definition of collapsible partnership:

A partnership is when two or more people own and run a business together to make money. There are different types of partnerships, like a general partnership where everyone shares equally, or a limited partnership where some people only invest money and don't manage the business. A collapsible partnership is when partners plan to end the partnership before making any money, and there are rules about how taxes are paid.

A more thorough explanation:

A collapsible partnership is a type of partnership where partners intend to dissolve it before they realize any income. This type of partnership is formed with the intention of avoiding taxes on unrealized receivables or inventory that has increased substantially in value. However, any partner's gain resulting from such assets will be treated by the IRS as ordinary income rather than as capital gain.

For example, if two partners form a collapsible partnership to invest in a real estate property and sell it before any income is realized, any gain resulting from the sale will be treated as ordinary income by the IRS.

colibertus | collate

General

General chat about the legal profession.

General >T14 Off Topic

👍 Chat vibe: 0 👎

1a2b3c4d26z

11:15

In this analogy is the LSAT the NFL combine

JumpySubsequentDolphin

11:16

I told my family I won’t get any decisions until 2025 so they wouldn’t bombard me hahah

TheAdoptedOne

11:16

no i think there should be a Law School combine with all new drills except there is still the 40 yard dash

TheAdoptedOne

11:16

and a sub 4.5 gets you into any t14

TheAdoptedOne

11:16

LSAT can be one of the drills

letsseehowitgoesnow

11:17

so washu only called one person

ClockworkBlue

11:17

So all the D1 athletes will get into a T-14. What else is new?

BytchiestBunny

11:17

@TheAdoptedOne: that is called "Dean Poker Night" lol

TheAdoptedOne

11:18

@ClockworkBlue: I feel like most people could train for the 40 for the same amount of time as they do the LSAT and get close to sub 5 which would be equivalent to a 167+

TheAdoptedOne

11:18

this is like the schizophrenic posts JJK tik tok be putting out

TheAdoptedOne

11:19

powerscaling Law School deans up next

limpweeny

11:19

Election Day election day

TheAdoptedOne

11:19

Write in Dean Z vote

limpweeny

11:20

Saw a guy that wrote in Biden and he said no retirement for you buddy

1a2b3c4d26z

11:20

@ClockworkBlue: god I hope that's true

TheAdoptedOne

11:20

if the country was run the same as Mich Law it would be a better place

ClockworkBlue

11:21

Imagine if election night was run by an adcom? Like, "yep, we could get the results Friday, or June 2025."

TheAdoptedOne

11:21

imagine if it was like Berkley applications

1a2b3c4d26z

11:22

Election status: Complete

1a2b3c4d26z

11:22

For months

triplethread

11:23

erection day

TheAdoptedOne

11:23

https://www.reddit.com/r/lawschooladmissions/comments/1gixhib/berkeleys_application_is_snobby_af/

soapy

11:23

Shoutout to Robinhood's election bet not resolving until January

triplethread

11:23

is anyone else like certain that trump will win

ambitiouslizard

11:23

he aint winning

triplethread

11:23

i like being a pessimist

ambitiouslizard

11:24

he lost his re-election, why would he win this one?

1a2b3c4d26z

11:25

I have no idea why people have so much beef w berkeley's app

ClockworkBlue

11:25

I've been reading a bit about "herding," which is this idea that pollsters are making the race look tied so they look right no matter who wins.

1a2b3c4d26z

11:26

Like... it's a more involved app but you don't have to do it? They're clearly trying to have some self-selection go on

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