Partnership Taxation 2022 ON DEMAND

Overview

The mini-course will examine tax issues relating to the formation and operation of partnerships. You 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 and partnership. Contributions to partnerships. Sales and exchanges of partnership interests. Partnership distributions. Partnership liquidations. Limited liability companies.

Prerequisites

None.

Designed For

CPAs and other tax professionals.

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. Specify loss deduction limitations and state the tax treatment of guaranteed payments, organizational expenses, and other fees. Identify the tax treatment of contributions of property to a partnership under Section 721 and the impact on tax basis. Recognize the tax treatment of partnership distributions and sale of partnership interests.

Preparation

None.

Notice

None.