The course will examine tax issues relating to the formation and operation of partnerships. Participants will gain familiarity with basic areas of partnership taxation so as to recognize a problem and have at hand some practical knowledge for its solution.
Course Publication Date:
May 25, 2023
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$20.00!
| Author: | Danny Santucci |
| Course No: | TAX-PARTNER-5613-M |
| Recommended CPE: | 2.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | General understanding of federal income taxation |
| Advanced Preparation: | None |
| Recommended Field of Study: | Taxes
|
|
|
|
Learning Objectives
- Recognize the tax treatment of partnerships noting advantages and disadvantages and their effect on income attribution.
- Determine partnership income and reporting requirements by identifying filing requirements and the impact partnership K-1s on individual or partner taxation.
- Determine partnership income and reporting requirements by specifying loss deduction limitations and stating the tax treatment of guaranteed payments, organizational expenses, and other fees.
- Identify the tax treatment of contributions of property to a partnership under §721 and the impact on tax basis.
- Recognize the tax treatment of partnership distributions and sale of partnership interests by identifying the tax treatment of partner liabilities and of sales and exchanges of partnership interests and property.
- Recognize the tax treatment of partnership distributions and sale of partnership interests by determining the differences between liquidating and nonliquidating payments including the definition of a partner’s basis on such an event.