Partnership Taxation ON DEMAND

Overview

The tax implications of partnerships are often intricate and tedious to navigate, even for experienced tax, accounting, and finance professionals. This comprehensive tax CPE course charts the complex landscape of partnership taxation and LLC structures while providing practical insights into every stage of a partnership’s lifecycle. Through systematic examination of IRC provisions, participants will master critical concepts including partnership formation under Section 761(a), income and loss allocations, basis calculations, and distribution rules. The CPE class covers essential topics such as self-employment tax implications, capital asset treatment, and partnership distribution strategies, with special focus on LLC taxation and partner retirement options. Designed for tax and accounting professionals, this program combines technical tax expertise with practical application, addressing everything from family partnership rules to check-the-box regulations. Through real-world examples and case studies, participants will gain confidence in handling complex partnership tax issues, including basis adjustments, hot asset distributions, and LLC conversions, while ensuring compliance with current tax regulations.

Highlights

Introduction to partnership taxation. Partnership income. Contributions to partnership. Sales & exchange of partnership interests. Partnership distributions. Partnership liquidations. Limited liability companies.

Prerequisites

None.

Designed For

CPAs.

Objectives

Determine what constitutes a partnership for federal income tax purposes under Section 761(a). Recognize factors for partnership existence identifying co-tenancy status, husband-wife partnerships, and the correct reporting of income and loss. Identify the liability of general and limited partners including how such liability might be contained. Specify the factors previously used to determine whether a business was a corporation or a partnership and the factors of the current check-the-box regulations. Recognize the impact of partnership agreements on partners’ shares of tax items, specify the requirements of Section 704(e) for family partnerships, and cite the pros and cons of partnerships to determine when the entity choice is appropriate. Identify the complete or partial exclusion from partnership treatment under Section 761, and more.

Preparation

None.

Notice

None.