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TAX NOTES FEDERAL, VOLUME 169, NOVEMBER 23, 2020 1237tax notes federalSPECIAL REPORTReal Estate Partnerships: The Basics and Some Technical Stuff by James ManzioneTable of ContentsI.Introduction . . . . . . . . . . . . . . . . . . . . . . .1237II.Basic Financial Concepts . . . . . . . . . . . .1237A.Time Value of Money. . . . . . . . . . . . .1238B.Compounding . . . . . . . . . . . . . . . . . . .1238C.Present Value. . . . . . . . . . . . . . . . . . . .1239D.Internal Rate of Return. . . . . . . . . . . .1239III.Real Estate Partnerships. . . . . . . . . . . . .1240A.Typical Structure of Investment . . . .1240B.Typical Structure of Agreement . . . .1241IV.Select Technical Considerations. . . . . .1246A.Tax Distributions. . . . . . . . . . . . . . . . .1246B.Revaluations. . . . . . . . . . . . . . . . . . . . .1249C.PMG and Nonrecourse Deductions. . . . . . . . . . . . . . . . . . . . . .1252D.The BBA Rules. . . . . . . . . . . . . . . . . . .1255V.Conclusion . . . . . . . . . . . . . . ...