Taxation specific to the real estate industry is replete with special tax laws that are complex and associated with the real estate industry. The current tax laws and regulations may determine the profitability when acquiring and disposing of real property. Special tax laws have been promulgated to mitigate the tax burdens, which in turn may determine returns on investment in real property. The partnership entity is the most commonly used form of ownership when acquiring or constructing real property. The seminar explores how partnership taxation applies in many areas of the real estate industry.