1. What is a partnership interest and what rights does it confer to the partner?

1. What is a partnership interest and what rights does it confer to the partner? What are inside basis and outside basis and why are they important?2. What is a flow-through entity? What advantages do flow-through entities have over a regular corporation? Compare and contrast the tax characteristics of an S corporation and a partnership.3. How does the basis calculation of an S corporation shareholder basis differ from a partner and a partnership? Discuss any recent developments in the calculation of the S corporation shareholders basis.4. Compare and contrast the requirements for the formation and termination of an S corporation and a partnership. What is the effect on both the business entity and its owners?