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



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.


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.




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