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Abstract

I. Introduction

II. Agency in Tax Shelter … A. Why the Agency Form Is Selected … B. How Is the Agency Formed?

III. State Law Comparison of Partnership and Agency … A. Formal Organization Requirements … B. Control and Rights of Investors … 1. Agency vs. General Partnership … 2. Agency vs. Limited Partnership … C. Indemnity for Liabilities to Third Parties … D. Duty and Liability to Investors

IV. Tax Comparison of Agency and Partnership … A. Is the Agency a Partnership? … B. Investors as Partners … C. Electing Out of Partnership Status … D. Association Taxable as a Corporation … E. The Agency as a Farm Syndicate … F. The “At Risk” Rules … G. The Flow of Tax Benefits … H. Limitations on Investment Interest … I. Tax Elections … J. Organization Fees

V. Conclusion

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