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Partnership Taxation

Instructional MethodAdvanced PreparationProgram PrerequisitesField Of Study Interactive Self Study NONE Basic Understanding of Taxes Taxes Experience LevelCourse IDCPE CreditsAuthor Basic to Intermediate DS-110 24 Danny Santucci Partnership Taxation Course Description: The program w ...Read more
  • Description
Instructional Method Advanced Preparation Program Prerequisites Field Of Study
Interactive Self Study NONE Basic Understanding of Taxes Taxes
Experience Level Course ID CPE Credits Author
Basic to Intermediate DS-110 24 Danny Santucci

Partnership Taxation


Course Description:
The program will examine tax issues relating to the formation and operation of partnerships. Participants will gain a familiarity with basic areas of partnership taxation so as to recognize a problem and have at hand some practical knowledge for its solution. This course is presented in four practical segments: (1) the formation of partnerships, (2) the basic day-to-day operations of partnerships, (3) distributions of assets to partners, and (4) the termination of partnership affairs.

Who Should Attend: CPAs

Topics Covered:
CHAPTER 1 Introduction
CHAPTER 2 Partnership Income
CHAPTER 3 Contributions to Partnerships
CHAPTER 4 Sales & Exchanges of Partnership Interests
CHAPTER 5 Partnership Distributions
CHAPTER 6 Partnership Liquidations
CHAPTER 7 Limited Liability Companies

Learning Objectives:

After reading Chapter 1, participants will able to:

1. Determine what constitutes a partnership for federal income tax purposes under §761(a) by:

a. Recognizing factors for partnership existence noting co-tenancy status and identifying a husband-wife partnership along with the correct reporting of income and loss;

b. Identifying the liability of general and limited partners including how such liability might be contained; and

c. Specifying the factors previously used to determine whether a business was a corporation or a partnership and the factors of the current check-the-box regulations.

2. Recognize the impact of partnership agreements on partners’ shares of tax items, specify the requirements of §704(e) for family partnerships, and cite the pros and cons of partnerships to determine when the entity choice is appropriate.

3. Identify the complete or partial exclusion from partnership treatment under §761.

 


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