||Field Of Study
|Interactive Self Study
||General Understanding of Federal Income Taxation
|Basic to Intermediate
Partnership Taxation (Mini)
The mini-course 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.
Who Should Attend: CPAs, Enrolled Agents, Registered Tax Preparer, and all other Tax Professionals
- Partnership definition
- Partnership income
- Partnership tax return
- Year taxable
- Transactions between partner & partnership
- Contributions to partnerships
- Sales & exchanges of partnership interests
- Partnership distributions
- Partnership liquidations
- Limited liability companies
1. Recognize the tax treatment of partnerships noting advantages and disadvantages and their effect on income attribution.
2. Determine partnership income and reporting requirements by:
a. Identifying filing requirements and the impact partnership K-1’s on individual or partner taxation; and
b. Specifying loss deduction limitations and stating the tax treatment of guaranteed payments, organizational expenses and other fees.
3. Identify the tax treatment of contributions of property to a partnership under §721 and the impact on tax basis.
4. Recognize the tax treatment of partnership distributions and sale of partnership interests by:
a. Identifying the tax treatment of partner liabilities and of sales and exchanges of partnership interests and property; and
b. Determining the differences between liquidating and nonliquidating payments including definition of a partner’s basis on such an event.