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Partnership Taxation - Mini CourseCode: 24-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-1's 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 §721 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 partner's 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