Partnership Taxation 2022

Overview

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 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 & partnership
• Contributions to partnerships
• Sales & exchanges of partnership interests
• Partnership distributions
• Partnership liquidations
• Limited liability companies

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; 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 non-liquidating payments including the definition of a partner's basis on such an event.

Notice

This is a self-study/on demand course offered by a 3rd party vendor and will NOT be accessible in the My Upcoming CPE section of the ISCPA website. Course access information will be emailed directly to you by CalCPA. The course expires one year from the purchase date. Format = Downloadable PDF.