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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
Status : Production
CPE Credits : 2.0
IRS Credits : 2
Price : $19.95
Passing Score : 70%
Primary Subject-Field Of Study:

Taxes - Taxation for Course Id 248

Description :

The mini-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.

Usage Rank : 0
Release : 2016
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 : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE)
Revision Date : 06-Apr-2016
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 - 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.

ASSIGNMENT

      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 chapter, participants will be able to:
    1. Recognize the tax treatment of partnerships noting advantages and disadvantages and their affect 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 §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 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

 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

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 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)

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

Importance of Capital Treatment

Regs on Gain on Sale of Passthrough Entities - §1(H)

Exchanges & Transfers

Like-Kind Exchanges - §1031

Transfers to Controlled Corporations - §351

Partner’s Interest Basis

Hot Assets - §751

Liabilities of Partnership

Inside Basis after Transfer of Partnership Interest

General Rule - §743(a)

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

Effect

Exclusions From §736(b) Treatment

Basis Adjustment after Distributions

Election - §754

Additional Adjustments Required by §734

 Limited Liability Companies

Introduction

LLC Benefits

Disadvantages

Federal Tax Consequences

Check-the-Box Regulations

 

Glossary

Taxes Course 248 Home: https://www.cpethink.com/tax-cpa-courses
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