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
