Self Study: Partnership Taxation 2022

Overview

This course is available until April 30, 2025.

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.

Highlights

• 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

Objectives

• Recognize the tax treatment of partnerships specifying 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; and
• 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; and
• Determining the differences between liquidating and non-liquidating payments including the definition of a partner's basis on such an event.

Notice

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