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.
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 specifying advantages and disadvantages and their effect on income attribution.
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:
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.
To complete this course participants need to: Read the material provided and answer chapter review questions, successfully complete the qualified assessment with a minimum of 70% accuracy to receive your certificate. In Addition, no correct or incorrect feedback for any exam question will be provided.
Upon course completion A course evaluation form is provided for your feedback.
Participants have 1 year from the date of purchase/enrollment to complete this course
CPE Prime is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org