This work provides a critical commentary on the OECD Report on Partnerships, which was published in 1999. This report is the first comprehensive analysis of the tax treatment of partnerships and potentially, the subject of extensive discussion among tax practitioners and academics in the years to come. The OECD Committee has put forward a set of general principles based on a detailed analysis of practical examples. This book summarizes these principles and examines the validity of the premises from which the principles were derived. The critical analysis and in-depth study of practical problems offered here should be of significant value to practitioners and researchers dealing with this complex subject matter.