Understanding Partnership Taxation - Distributions

Overview

As a practitioner, you know that sometimes small business owners make little distinction between their own pocketbook and the company’s pocketbook. For this reason, distributions from smaller partnerships can be frequent. It is important for us, as their advisors, to know what the tax impact is for these distributions - which ones will be fine, and which ones may cause a problem. Through easy-to-follow examples, we will talk about distributions front to back. We will discuss the different types of distributions, as well as cash, property, and hybrid distributions - when you have a little bit of both!

Highlights

• General Rules on Distributions
• Calculation of Partnership Basis
• Non
• Liquidating Distributions
• Applicable IRC Code Sections
• Non
• Liquidating Distributions
• Examples
• Distributions of Cash & Property
• Liquidating Distributions
• Applicable IRC Code Sections
• Liquidating Distributions
• Examples

Prerequisites

Working knowledge of fundamental partnership tax concepts

Designed For

Tax practitioners who are looking to improve their knowledge of distributions and how they affect a partner’s tax basis

Objectives

• List the key rules of the thumb to remember when dealing with distributions
• State the ordering rules for calculating a partner's tax basis
• Describe the key differences between liquidating and non
• liquidating distributions
• Determine any applicable tax gains and losses of cash and property distributions
• State the ordering rules for hybrid distributions that involve both cash and property

Preparation

None

Notice

This is a self-study/on demand course offered by a 3rd party vendor. Course access information will be emailed directly to you by Peters Professional Education (PPE). The course expires one year from the purchase date.