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Course No: 9273223

Partnership Taxation (Mini Course)


  • Credits: 2.0
  • Program level: Overview
  • Prerequisites: General understanding of federal income taxation.

Field of Study: Tax Law Topic

Course Description

In this course, the intricacies of setting up and terminating an S corporation are detailed and taxation is discussed. The numerous advantages and disadvantages of this entity are identified to help practitioners determine whether the S corporation is most suitable for their clients. Eligible domestic corporations can avoid double taxation by electing to be treated as an S corporation under the rules of Subchapter S. Subchapter S provides an optional method of corporate taxation and allows small business corporations to elect unusual tax treatment. The S corporation is taxed like a partnership, but in other respects, S corporations are taxed like C corporations.

Learning 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-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.

Advance preparation: none

Course Material: Online Material

Type of delivery method: QAS Self-study

Final examination expiration date:

The program participant will have one year from the date of purchase to complete the course and final examination.

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Web CPE is registered with the IRS to provide Continuing Education (CE) programs to the Enrolled Agents and other tax return practitioners.

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