Partnership Taxation Mini

$19.00 each

Course ID: CPE Credits Field Of Study Author or Speaker:
EWTFM-U-01334-19-S  2 Credits   Taxes   Danny Santucci
Instructional Method: Advanced Preparation: Program Prerequisites: Experience Level:
Interactive Self Study  None   None   Overview 

 

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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