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 a partnership’s options as to a tax year end
• Identify the gross receipts threshold that allows a partnership with a C Corporation partner to use the cash basis of accounting
• Identify the Section 267 limitations on an accrual method taxpayers’ deferral of the deduction for items payable to a related cash basis taxpayer
• Identify items least likely to be reported separately by a partnership
• Identify elections typically made at the partnership and partner level
• Identify the tax treatment of a partnership’s guaranteed payments
• Recognize the requirements for a partnership to complete the Schedule M-3
• Identify the tax consequences of the exchange of property for a partnership interest under Section 721(a)
• Identify the exceptions to the general nonrecognition provisions of Section 721(a)
• Identify the characteristics of a partnership investment company
• Identify the characteristics of disguised sales
• Recognize the circumstances under which gain will be recognized upon the contribution of encumbered property in exchange for a partnership interest
• Recognize the consequences of a partner’s contribution of services for an interest in a partnership