Self Study: Partnership Taxation (expanded)

Overview

This course is available until April 30, 2025.

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: The Formation of Partnerships Basic Day-to-Day Operations of Partnerships Distributions of Assets to Partners Termination of Partnership Affairs

Highlights

• Partnership Income
• Contributions to Partnerships
• Sales & Exchanges of Partnership Interests
• Partnership Distributions
• Partnership Liquidations
• Limited Liability Companies

Designed For

This program is appropriate for professionals at all organizational levels.

Objectives

• 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.
• Recognize the allocation of income and deduction among partners, identify when a partnership or its partners are subject to income or estimated tax, determine what constitutes 1402 self-employment taxes and specify instances where partnerships are viewed as separate entities.
• Determine a partnership's basis for contributed assets under 723.
• Recognize the tax treatment of a sale or exchange of a partnership interest where the partnership possesses hot assets (unrealized receivables and inventory) and identify the impact of partnership liabilities in computing both the amount realized on a sale of a partner's interest and the adjusted basis of the sold interest.
• Determine the treatment of distributions of cash or property by a partnership to the partners by:
• Recognizing the general nonrecognition rule under 731 and specifying exceptions to this general rule.
• Identifying a partner's basis on either a liquidating or a non-liquidating distribution under 732 and 733 and specifying instances when a partner may choose a special basis adjustment when receiving a distribution of property other than cash that influence how the partner's basis is determined.
• Recognizing the tax consequences associated with proportionate and disproportionate distributions, particularly the effect of distributions of receivables or inventory.

Notice

Downloadable PDF