Partnership Formation and Operation: Tax Consideration Self-Study Webinar (4 Hours)

Partnership Formation and Operation: Tax Consideration Self-Study Webinar (4 Hours)

CPE Credit: 4 Hours

Price: $229.00

NASBA Field of Study: Taxes

 

Overview

The tax rules for partnerships are complex, and the need for tax professionals to understand the opportunities and pitfalls that these rules present has never been greater.

This self-study webinar will provide an overview of the key aspects of partnership law and their tax implications, including the types of partnerships and limited liability companies/partnerships and how they interact.
 

AGENDA HIGHLIGHTS


Introduction to Partnerships

  Partnership entity

  Key aspects of partnership law and tax implications

  Review types of partnerships and Limited Liability Companies/Partnerships

  Electing out of Subchapter K

  Check-the-box regulations
 

Operational Issues

  Tax year and accounting methods

  Items required to be stated separately

  Partnership and partner elections

  Other operational issues
 

Formation of the Partnership

  Contributions of property and cash, no gain or loss

  Contribution of property if fair market value and basis differ under Section 704(c) rules

  Contribution of services in exchange for a partnership interest
 

LEARNING OBJECTIVE  To teach tax professionals about the important components of partnership law and how they impact taxation.

PREREQUISITE  Basic knowledge of federal taxation.    ADVANCE PREPARATION  None.    PROGRAM LEVEL  Basic.
NASBA FIELD OF STUDY  Taxes.    DELIVERY METHOD  Self-Study.

 

Speakers

SPEAKER


W. Stewart Connard, CPA

Detailed Learning Objectives

Identify “principle” partners in the context of a common tax year end

Identify the threshold for the use of the cash basis of accounting for a partnership with a C Corporation as a partner

Recognize items least likely to be reported separately by the partnership

Identify the tax treatment of partnership guaranteed payments

Identify the tests to determine if limited partners or LLC members are subject to self-employment tax

Identify the tax treatment of a partner’s excess allocated property eligible for the Section 179 deductions

Recognize the tax treatment of partnership-paid health insurance premiums to the partner

Identify the threshold for a partnership’s mandatory filing of Schedule M-3

Identify the tax consequences of a partner’s contribution of property to the partnership

Identify the exceptions to the nonrecognition rules of Section 721(a)

Recognize the tax consequences of a partner’s contribution of services to the partnership

Recognize the components of a partner’s tax basis in his partnership interest