Partnership Taxation (Expanded) ON DEMAND

Overview

The 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 income. Contributions to partnerships. Sales and exchanges of partnership interests. Partnership distributions. Partnership liquidations. Limited liability companies.

Prerequisites

None.

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 Section 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 Section 1402 self-employment taxes. Determine a partnership’s basis for contributed assets under Section 723. Recognize the tax treatment of a sale or exchange of a partnership interest where the partnership possesses hot assets 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.

Preparation

None.

Notice

None.