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- Title
Real Estate & Passthrough Planning Corner.
- Authors
Tucker, Stefan F.; Lencz, Norman; Masterson1, Brian S.
- Abstract
The article explores whether a deficit restoration obligation (DRO) provides a business partner with an amount at risk in the U.S. The Hubert Enterprises court cases which involved the Leasing Co. LLC (LCL), a Wyoming limited liability company (LLC), is tackled. The Tax Court's decision on the Hubert cases held that the members of a LLC were not at risk with respect to the recourse obligations of the company by virtue of a DRO in an operating agreement.
- Subjects
UNITED States; TAX court decisions; HUBERT Enterprises (Company); LEASING Co. LLC; LIMITED liability; TAX courts; PARTNERSHIP agreements; ACTIONS &; defenses (Law)
- Publication
Journal of Passthrough Entities, 2010, Vol 13, Issue 5, p27
- ISSN
1099-7407
- Publication type
Article