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Course Details

Partnership Taxation - Mini Course (Course Id 248)

Updated / QAS / Registry / EA
  Add to Cart 
Author : Danny C Santucci, JD
Course Length : Pages: 28 ||| Word Count: 17,469 ||| 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 : 15294
Release : 2024
Version : 1.0
Prerequisites : General understanding of federal income taxation.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 14-Jun-2024
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.


      At the start of the materials, participants should identify the following topics for study:

    * 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
Learning Objectives:

      After reading the materials, participants will be able to:
    1. Recognize the tax treatment of partnerships specifying advantages and disadvantages and their effect on income attribution.
    2. Determine partnership income and reporting requirements by:
      a. Identifying filing requirements and the impact of partnership K-1s 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 §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 nonliquidating payments including the definition of a partner’s basis on such an event.
Course Contents :

Chapter 1 - Partnership Taxation


Definition of Partnership

Section 761(a)


Husband-Wife Partnerships

Limited Partnerships

Taxed as Corporations



Centralized Management

Limited Liability


Ruling Policies

Corporate General Partner


Definition of Trade or Business

Joint Ventures

Partnership Agreement


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



Termination Of Partnership

 Partnership Income

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


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


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)


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”


Accident & Health Insurance Premiums

Certain Losses Disallowed - §707(b)

Two Partnerships

Constructive Ownership

Sales at Gain

 Contributions to Partnerships

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)


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



 Sales & Exchanges of Partnership  Interests

Capital Asset Treatment - §741

Aggregate Exceptions

Unrealized Receivables & Inventory - §751


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

 Partnership Distributions

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

 Partnership Liquidations

Flexible Treatment

Types of Liquidating Distributions

Liquidating Distributions of Money

Section 736(a) Payments

Section 736(b) Payments


Exclusions From §736(b) Treatment

Basis Adjustment after Distributions

Election - §754

Additional Adjustments Required by §734

 Limited Liability Companies


LLC Benefits


Federal Tax Consequences

Check-the-Box Regulations



Tax CPE Courses: https://www.cpethink.com/tax-cpa-courses
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