0
| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 28 ||| Word Count: 17,621 ||| Review Questions: 10 ||| Final Exam Questions: 10 |
| CPE Credits : | 2.0 |
| IRS Credits : | 2 |
| Price : | $17.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 248 |
| Description : | The mini-course will examine tax issues relating to the formation and operation of partnerships. Participants will gain familiarity with basic areas of partnership taxation so as to recognize a problem and have at hand some practical knowledge for its solution. |
| Usage Rank : | 16190 |
| Release : | 2025 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Partnership: Definition, How it Works, Taxation, and Types
|
| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 03-May-2025 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 248 |
| Keywords : | Taxes, Partnership, Taxation, Mini, Course, cpe, cpa, online course |
| Learning Objectives : |
As a result of studying the assigned materials, you should be able to meet the objec-tives listed below. ASSIGNMENTAt the start of the materials, participants should identify the following topics for study:
* 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 After reading the materials, participants will be able to:
2. Determine the impact of partnership K-1s on individual or partner taxation and specify the tax treatment of guaranteed payments, organizational expenses, and other fees. 3. Identify the tax treatment of contributions of property to a partnership under §721 and the impact on tax basis. 4. Recognize the tax treatment of partnership distributions and sale of partnership interests by:
b. Determining the differences between liquidating and nonliquidating payments including the definition of a partner’s basis on such an event. |
| Course Contents : | Chapter 1 - Partnership Taxation Introduction Definition of Partnership Section 761(a) Factors Husband-Wife Partnerships Limited Partnerships Taxed as Corporations Analysis Continuity Centralized Management Limited Liability Transferability Ruling Policies Corporate General Partner Co-tenancies Definition of Trade or Business Joint Ventures Partnership Agreement Modifications Partner’s Share of Tax Items Limited Partners Family Partnerships - §704(e) Capital Partnerships Gifts & Interfamily Sales Material Use of Capital Minor Children as Partners Non-Capital Partnerships Advantages Disadvantages Termination Of Partnership Partners Taxed as Individuals Self-Employment Tax Exception - Separate Entity for Some Purposes Individual Returns & K-1s Partnership Expenses Paid By a Partner Separately Treated Items Character of Items & Limitations Deduction of Losses Outside Basis Limitation - §704(d) Loss Ultimately Deductible Effect of Losses on Outside Basis - §705 Partnership Tax Return Organization & Syndication Fees - §709 Capitalized Syndication Fees Business Start-up Costs - §195 Definition Filing Requirements Due Date of Return Failure to File Failure to Furnish Copies to Partners Year Taxable - §706(a) Limitation on Choice of Taxable Year Required Tax Year Business Purpose - §706(b) Rev. Proc. 87-32 Highest Average Requirement 47-Month Exclusion Restrictions Form 1128 Section 444 Election Limitations on Changing a Tax Year Making the Election - Form 8716 Back-Up Election Required Payment When to File Termination of Election Transactions between Partner and Partnership Treating Partner as Stranger - §707(a) Payments by Accrual Basis Partnership to Cash Basis Partner Guaranteed Payments - §707(c) Capitalization Prepaid & Capital Expenses - §707(c) Organization & Syndication Expenses - §709 Guaranteed Minimum Year Taxed - §706(a) Salary vs. Distribution Stranger Payment vs. Guaranteed Payment Payments Resulting in Loss Recipient of Salary as an “Employee” Exception Accident & Health Insurance Premiums Certain Losses Disallowed - §707(b) Two Partnerships Constructive Ownership Sales at Gain Contributions of Property - §721 Contribution vs. Sale or Exchange Disguised Sale - §707(a) Disguised Taxable Exchanges - §704 & §737 Precontribution Gain or Loss Property Property Distribution to Contributing Partner - §737 Anti-Abuse Rules Under §737 Contributed Property Distribution to Another Partner - §704(c) Seven Year Period (Formerly Five) Allocation Methods for Precontribution Gain or Loss Transfers to Investment Company Type Partnerships - §721(b) Contributed Assets Inside (Partnership) Basis - §723 Allocations as to Contributed Property - §704(c) Liabilities Earlier Optional Application of §704(c) Character of Subsequent Gain Taint On Contribution - §724 Character of Subsequent Loss - §724(c) Contribution of Services Basis of Partner’s Interest - Outside Basis Original Basis - §722 Adjustments to Basis Effect of Liabilities - §752 Deemed Distribution & Contribution Special Rule for Liabilities of Cash Basis Partnership Partner’s Share of Partnership Liabilities Limited Partnerships Exception Guarantees Sales & Exchanges of Partnership Interests Capital Asset Treatment - §741 Aggregate Exceptions Unrealized Receivables & Inventory - §751 Collectibles Unrecaptured §1250 Capital Gain Exchanges & Transfers Like-Kind Exchanges - §1031 Transfers to Controlled Corporations - §351 Partner’s Interest Basis Foreign Person Sale of U.S. Partnership Interest Liabilities of Partnership Inside Basis after Transfer of Partnership Interest General Rule - §743(a) Substantial Built-in Loss - §743(d) Special Inside Basis Adjustment - §754 & §743(b) Allocation of Basis - §755 Death of Partner Basis Exception Permanency of Election General Nonrecognition Rule - §731 Exceptions to General Rule Basis Adjustments Partner’s Interest - §733 Property Received - §732 Nonliquidating Distribution Basis Limitation - §732(a) Liquidating or Complete Distribution Allocation of Basis When Limited - §732(c) Partnership’s Basis Greater Than Partner’s Basis Partner’s Basis Greater Than Partnership’s Basis Special Adjustment to Basis Mandatory Application Holding Period - §735 Partnership Property - §754 & §734 Basis Allocation on Properties Distributed By a Partnership Flexible Treatment Types of Liquidating Distributions Liquidating Distributions of Money Section 736(a) Payments Section 736(b) Payments Effect Exclusions From §736(b) Treatment Basis Adjustment after Distributions Election - §754 Additional Adjustments Required by §734 Introduction LLC Benefits Disadvantages Federal Tax Consequences Check-the-Box Regulations Glossary |
Login/Register
The Charitable Payraise- A Strategy for Better Retirements and Lasting Legacies (Video) (1 Hrs)