Partnership Taxation - Mini CourseCode: 16-PARTNER2
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Course description and objectives:
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: (1) the formation of partnerships, (2) the basic day-to-day operations of partnerships, (3) distributions of assets to partners, and (4) the termination of partnership affairs.
After reading the chapter, participants will be able to:
1. Explain the tax treatment of partnerships listing advantages and disadvantages and demonstrating their affect on income attribution.
2. Calculate and report partnership income by:
a. Identifying filing requirements and the impact partnership K-1ís on individual or partner taxation; and
b. Specifying loss deduction limitations and explaining the tax treatment of guaranteed payments, organizational expenses and other fees.
3. Analyze the tax treatment of contributions of property to a partnership under ß721 and describe the impact on tax basis.
4. Determine the tax treatment of partnership distributions and sale of partnership interests by:
a. Explaining the tax treatment of partner liabilities and of sales and exchanges of partnership interests and property; and
b. Distinguishing between liquidating and nonliquidating payments including determination of a partnerís basis on such an event.
Presentation Method: Self-Study
CPE credit: 2 Hours
Program Level: Update
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase
For more information regarding refunds, complaints, or cancellation policies, please contact our offices at 817-477-0222.
American CPE, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to: National Registry of CPE Sponsors, 150 Fourth Ave. North, Nashville, TN 37219-2417. Web site: www.nasba.org
NASBA Sponsor number 108096