Fundamentals of Partnership Taxation

Description

This comprehensive course will prepare those new to partnership taxation and update those who need to know the latest by exploring frequently encountered partnership issues. You'll be immersed in the details of selected Internal Revenue Code partnership provisions, become familiar with partnership taxation issues and tackle formation accounting, concept identification and problem solving techniques.

Note: This is a survey course. Although class discussion will review several features of Form 1065, Schedule K-1, we will not cover form preparation.

Highlights

• Formation of partnership rules governing contributions
• Income allocation
• Partners' distributive shares of debt
• Partnership operations reporting and compliance issues
• Nonliquidating and liquidating distributions of property
• Basis allocation rules
• Schedule K-1 contents
• LLPs

Objectives

• Recognize the specifics of IRC Subchapter K.
• Recall key partnership tax issues.
• Determine tax return compliance procedures.
• Identify underlying tax basis calculations.

Designed For

CPAs and attorneys. Tax return preparers with up to three tax seasons will benefit most, although more experienced practitioners who have not worked with partnerships for a long time or who are not familiar with LLCs will also benefit.