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Partnership Taxation (Mini)

Instructional MethodAdvanced PreparationProgram PrerequisitesField Of Study Interactive Self Study NONE General Understanding of Federal Income Taxation Taxes Experience LevelCourse IDCPE CreditsAuthor Basic to Intermediate DS-228 2 Danny Santucci Partnership Taxation (Mini) Course D ...Read more
  • Description
Instructional Method Advanced Preparation Program Prerequisites Field Of Study
Interactive Self Study NONE General Understanding of Federal Income Taxation Taxes
Experience Level Course ID CPE Credits Author
Basic to Intermediate DS-228 2 Danny Santucci

Partnership Taxation (Mini)

Course Description: 
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

Topics Covered: 

    • 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

Learning Objectives: 

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.

 


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