Partnership Taxation - Mini Course
Field of Study:
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 taxa-tion so as to recognize a problem and have at hand some practical knowledge for its solution.
After completing this course you will be able to:
- 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-1’s 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 nonliquidating payments including the definition of a partner’s basis on such an event.
General understanding of federal income taxation.
Type of delivery method:
Recommended CPE credits:
Final examination expiration date:
The program participant will have one year from the date of purchase to complete the course and final examination.
Web CPE 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 submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org