The 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.
Delivery Method: Online Self Study
Advanced Preparation: None
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Author: Danny Santucci
Field of Study: Taxes
Passing Score: 70%
Publication Date: 02/06/2017
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1. Recognize the tax treatment of partnerships noting advantages and disadvantages and their effect on income attribution.
2. Determine partnership income and reporting requirements by:
a. Identifying filing requirements and the impact partnership K-1's on individual or partner taxation; and
b. Specifying loss deduction limitations and stating the tax treatment of guaranteed payments, organizational expenses and other fees.
3. Identify the tax treatment of contributions of property to a partnership under Section 721 and the impact on tax basis.
4. Recognize the tax treatment of partnership distributions and sale of partnership interests by:
a. Identifying the tax treatment of partner liabilities and of sales and exchanges of partnership interests and property; and
b. Determining the differences between liquidating and non-liquidating payments including definition of a partner's basis on such an event.
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