Partnership Formation and Operation: Tax Consideration Self-Study Webinar (5 Hours)

Partnership Formation and Operation: Tax Consideration Self-Study Webinar (5 Hours)

CPE Credit: 5 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 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