Partnership Taxation Boot Camp: An Intensive Four-Day Review of Federal Rules Self-Study Webinar (40 Hours)

Get the confidence to handle taxation for partnerships in this self-study certification program!

Partnership Taxation Boot Camp: An Intensive Four-Day Review of Federal Rules Self-Study Webinar (40 Hours)

CPE Credit: 40 Hours

Price: $2,000.00

NASBA Field of Study: Taxes

 

Overview

The tax rules for partnerships are complex regarding the allocation of gain, loss, depreciation, recourse and non-recourse liabilities, contributed property and other tax attributes. The need for tax professionals with specialized training to understand the opportunities and pitfalls that these rules present has never been greater.

In this in-depth self-study webinar, you will work through numerous examples, learn how to fill out critical forms and use real-world case studies to discover how you can apply key concepts to your clients’ benefit. You’ll acquire the knowledge and confidence you need to effectively handle and provide advice on partnership issues.
 

AGENDA HIGHLIGHTS


•  Introduction to partnerships

•  Operational issues

•  Formation of the partnership

•  Basis in the partnership interest

•  Disguised sales rules

•  Section 751 (“Hot Assets”)

•  Taxable income: a look at the K-1

•  Partner’s distributive share of partnership items

•  The Section 199A qualified busiess income
   deduction

•  Distributions from partnerships
 

•  Sale of partnership interests, terminations
   and liquidations

•  Section 754 optional basis adjustments

•  Passive loss rules

•  Tax planning discussions

•  Investment partnerships

•  IRS case study

•  Real property trades or businesses

LEARNING OBJECTIVE  Through the use of case studies, this Boot Camp self-study webinar will supply you with practical ways to
implement partnership tax requirements.

PREREQUISITE  Basic knowledge of federal taxation.    ADVANCE PREPARATION  None.    PROGRAM LEVEL  Intermediate.
NASBA FIELD OF STUDY  Taxes.    DELIVERY METHOD  Self-Study.

Speakers

PROGRAM SPEAKERS


W. Stewart Connard, CPA, retired from the Internal Revenue Service in 2009 after 36 years of service. From 1999 to 2009, he was a Partnership Technical Adviser in the Pre-Filing & Technical Guidance section of the Large and Mid-Size Business (LMSB) Unit. As a Partnership Technical Adviser, he assisted revenue agents in examining large public and private corporations on complex partnership issues and tax shelter transactions. From 1973 to 1999, he was an Internal Revenue Agent in the former IRS Baltimore District. Throughout his career, he has taught numerous tax courses for the Internal Revenue Service, state tax agencies and the DC Institute of CPAs. He is a graduate of Shippensburg University in Shippensburg, PA.
 

Deborah A. Phillips, MST, CPA, is a retired Senior Manager of the Internal Revenue Service. She has extensive accounting and taxation knowledge of individual, corporate and partnership federal tax returns. Previously, Ms. Phillips was the Operations Executive Assistant to the Deputy Commission International, the Technical Executive Assistant to the Director of PFTG, a Territory Manager in the retail, food and pharmaceuticals industries, a Team Manager in the heavy manufacturing industry, as well as the IRC Section 263A Technical Advisor. She taught graduate and undergraduate courses in accounting and taxation as an adjunct faculty member at Delaware State University, Wilmington College and Goldey-Beacom College. She has been a seminar presenter for over 18 years.

Detailed Learning Objectives

Identify factors which may affect the choice of entity

Identify the tax characteristics generally associated with partnership taxation

Identify the entities taxed as a partnership by “default” absent a different “Check the Box Regulations” choice

Recognize individual vs. aggregate partnership taxation concepts

Recognize the significance of a partner’s basis in his partnership interest

Recognize the requirements for electing out of Subchapter K

Recognize the benefits of electing out of Subchapter K

Recognize the tax treatment of single member LLCs

Identify a partnership’s options as to a tax year end

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 factors determining whether or not limited partners or LLC members are subject to self-employment tax

Recognize the rules for partners’ ability to deduct health insurance payments paid by the partnership

Recognize the requirements for a partnership to complete the Schedule M-3

Recognize the purpose of the partnership 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

Recognize the components of a partner’s basis in his partnership interest

Recognize the limitations on a partner’s ability to deduct his share of allocated partnership losses

Recognize those factors that will increase and decrease a partner’s basis in his partnership interest

Identify which individuals within partnerships are typically personally liable for entity debt

Identify the conceptual method by which recourse debt is allocated

Identify the characteristics of nonrecourse debt

Recognize the seven factors necessary to ensure a partner’s payment obligation will be treated as recourse debt

Identify and characterize the three tiers of nonrecourse debt

Identify the tax implications of the contribution of property to a partnership in exchange for a partnership interest

Identify the criteria for disguised sale treatment

Recognize the tax implications of a disguised sale

Recognize the characteristic and tax implications of guaranteed payments

Recognize the rules for allocating liabilities under Section 752

Recognize partnership “hot assets” and their implications upon distribution to a partner

Identify the significance of a partner’s at-risk basis and its implications for partnership allocations of loss

Identify the components of a partner’s at-risk basis

Identify the components of a partner’s outside basis and its tax implications

Identify the characteristics of the new partnership audit regime under the Bi-Partisan Act of 2015

Recognize the elements of a partnership agreement necessary for the IRS to respect the partner allocations of partnership items

Recognize the characteristics of the Section 704(b) economic effect safe harbor rules

Recognize the implications of deficit restoration obligations and qualified income offsets

Recognize the rules for the allocation of nonrecourse debt

Recognize the contribution of property rules under Section 704(c)

Recognize the allocation methods available under Section 704(c)

Identify the partnership anti-abuse regulations authorizing the IRS to re-characterize a partnership transaction

Identify a partner’s basis in property received from a partnership in a current property distribution

Identify a partner’s basis in property received from a partnership in a liquidating property distribution

Identify the tax ramifications to a partnership when distributing partnership property to a partner

Identify the tax implications of partnership guaranteed payments

Identify the tax implications of a partnership distribution of marketable securities

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

Identify what activities are considered to be passive activities in the context of partnership taxation

Identify the rules for the deductibility of passive activity losses

Identify those circumstances that allow a taxpayer to deduct suspended passive losses

Identify the factors used to determine whether or not an activity or a group of activities constitutes an appropriate economic unit

Identify the tax implications of transactions unique to real estate partnerships

Identify the method of allocating the purchase price of acquired property under Section 1060

Identify the capitalization rules of Section 263A

Identify the capitalization rules of Section 266

Recognize the tax treatment of common area cost

Recognize the like kind exchange rules

Recognize the rules for the use of the installment method of reporting income

Recognize the tax treatment of lease acquisition costs