Partnerships remain a very attractive alternative for commercial and investment purposes. Despite numerous changes to the Internal Revenue Code, the partnership provisions have remained largely unscathed. The more recent changes to the partnership regulations covered in this course deal with the substantial economic effect provisions concerning partnership allocations. Unlike the economic substance doctrine recently introduced into the Internal Revenue Code, the partnership provisions are far more objective. Partnerships remain a very attractive alternative to its chief competition, the subchapter S corporation, given the partnership flexibility for partner allocations. Partnerships are also wealth transfer vehicles through family limited partnerships. Finally, partnerships have increased in multinational structures with the advent of the check-the-box regime. Thus, partnerships are no longer used in real estate and tax-sheltered investments, but are certainly in the mainstream and are often the best alternative. This course also covers the changes to partnerships per the Tax Cuts and Job Act 2017 passed December 2017.