Overview
Maximize the tax benefits involved in the purchase, sale or redemption of partnership interests. In this informative self-study webinar, you will learn the components of terminating a partnership, and discover essential methods for determining distributions in the liquidation of a partnership.
AGENDA HIGHLIGHTS
• Terminations, Liquidations & Transfers of Ownership
– Liquidated by the partnership
– Structuring a liquidation under §736
– Technical terminations
– Final regulations for determining a partner’s distributive share
– Disposition of entire interest
– Methods of allocation
– Three conventions
– Calendar day
– Semi-monthly
– Monthly
– Distributive share when a partner’s interest varies
– Partner allocations
– Extraordinary items
– Allocable cash basis and tiered partnership items
• Sale of Partnership Interest & §754 Adjustment
– Calculating basis adjustment
– Allocating specific partnership properties
– The §754 election
LEARNING OBJECTIVE To show tax professionals how to proceed in the termination of a partnership, and methods for determining
distributions in the liquidation of a partnership interest.
PREREQUISITE Basic knowledge of federal taxation. ADVANCE PREPARATION None. PROGRAM LEVEL Intermediate.
NASBA FIELD OF STUDY Taxes. DELIVERY METHOD Self-Study.
Speakers
SPEAKER
W. Stewart Connard, CPA
Detailed Learning Objectives
• Identify the exceptions to capital gain treatment upon sale of a partnership interest
• Recognize the rules for allocating partnership items when a partner’s interest varies during the partnership’s tax year
• Recognize the tax ramification to a partner when selling or transferring his partnership interest
• Recognize the conceptual purpose of the Section 754 election
• Recognize the mechanics of a Section 754 step up in basis