Partnership Taxation: Level I Self-Study Webinar (10 Hours)

Overview: 

If you want to know more about partnership taxation, this self-study webinar provides the specialized knowledge needed. An expert will show you how to:

  • Maximize tax benefits of operating as a partnership
  • Assist partners in planning and structuring agreements
  • Understand relevant passive loss limitations, partnership allocation rules, basis and at-risk issues
  • Handle distributions, liquidations and terminations
Objective: 

To provide tax professionals with a comprehensive understanding of basic and complex partnership taxation issues. You'll be equipped to identify problems and opportunities in transactions involving partnership formation, transactions with partners, basis, partnership distributions, allocations and other key areas.

Emphasis: 
  • Introduction to, and formation of, partnerships
  • The Section 199A qualified business income deduction
  • Accounting methods and other operating rules
  • Contributions of property and services
    – Minimizing tax recognition
    – Disguised sales
  • Basis in the partnership interest
    – Inside vs. outside basis
    – At-risk basis vs. tax basis
    – Effect of partnership liabilities
    – Recourse vs. nonrecourse debt
    – General vs. limited partners
  • Partnership distributions
  • Stepped-up basis under Section 754
  • Partner/partnership transactions
  • Terminations, liquidations, transfers of interest and related compliance issues
  • Passive activity rules
  • Limited liability companies and limited liability partnerships

Recognize the role of IRC Subchapter K

Identify the entity associated with double taxation

Recognize the organizations included in the definition of a partnership

Identify those entities not allowed to elect partnership taxation under the “check the box” regulations

Recognize the time frame for which an unincorporated entity electing to be taxed as a partnership cannot change the election

Recognize a partnership’s allowable methods of accounting

Recognize the ownership threshold for which a corporation and a partnership are related for purposes of Section 267

Identify partnership elections made at the partner level

Identify the types of partnership income which would flow to the partner as income subject to self-employment tax

Identify the IRS’ view on a non-managing LLC member for purposes of self-employment taxes

Recognize the characteristics necessary to a non-managing LLC member in order to avoid self-employment tax from the operations of the entity

Identify the new ownership threshold at which a partner’s contribution of property in exchange for a partnership interest triggers income recognition

Identify additional circumstances under which non-recognition treatment of contributed property to a partnership will not apply

Determine the threshold at which “investment company” rules apply to an exchange of property for a partnership interest

Determine the threshold at which contributions of appreciated property to a partnership for a partnership interest disguised sale rules will apply

Determine the tax ramifications of personal services in exchange for a partnership interest

Determine a partnership’s basis in property contributed by a partner

Recognize circumstances in which a partner would not be able to deduct his share of partnership loss

Recognize those circumstances where capital basis computed under the tax basis will generally agree to “inside basis”

Recognize transactions which would decrease a partner’s basis in his partnership interest

Determine the allocation of recourse debt

Identify the effect of recourse debt on a partner’s basis

Identify the primary characteristic of nonrecourse debt

Identify the number of allocation tiers when allocating nonrecourse debt

Identify the default category of nonrecourse debt

Recognize the treatment of subsidiary debt by the partners of the parent partnership

Recognize the primary distinction between tax basis and at-risk basis

Recognize the applicability of the at-risk rules

Recognize the characteristics of qualified nonrecourse debt

Calculate a partnership’s basis in remaining partnership property after a property distribution with a built in loss

Recognize the cash distribution categories under partnership taxation rules

Recognize the characteristics of a guaranteed payment

Recognize the implications of a partnership’s distribution of cash to a partner

Determine when a partnership distribution of partnership property will result in taxable gain to the partner

Identify the ramifications to the partner who receives a current distribution of partnership property

Calculate a partner’s basis in property received in a partnership distribution

Calculate a partner’s basis in his partnership interest after receiving a property distribution

Identify the treatment of a distribution of “hot assets” to the partner

Calculate the gain or loss on the sale of a partnership interest

Recognize the consequences of a partnership’s liquidating payment to a retiring partner

Recognize the required allocation method when a partnership elects a Section 754 basis adjustment upon the sale/purchase of a partner’s partnership interest

Recognize the mechanics of making a Section 754 election

Recognize the circumstances under which a Section 754 election is allowed

Identify the defining characteristics of a passive activity

Identify the factors which indicate that an activity or a group of activities constitutes an appropriate economic unit for purposes of grouping activities under the passive loss rules

Identify the circumstances under which a taxpayer may deduct a suspended passive loss

Recognize the effective tax rate of qualified business income under IRC Section 199A

Recognize the entities that are eligible for the Section 199A deduction

 

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Price: 
$399.00
Prerequisite: 

Basic knowledge of federal taxation.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Basic.

CPE Credit: 
10.00
NASBA Field of Study: 
Taxes