Basic Guide to Partnership Taxation

Course Description

Partnerships require a different method of taxation than for other types of entities. This information-packed course takes the mystery out of partnership taxation, while providing useful, hands-on tools and advice. You'll gain a full understanding of the tax issues vital to the formation and operation of partnerships. In addition, you'll become familiar with basic areas of partnership taxation that will help you recognize common problems and create practical solutions. Charts and examples are used throughout the course to better illustrate issues related to partnership tax.

Instructor

Danny Santucci, JD

Danny Santucci, BA, JD, is a prolific author of tax and financial books and articles. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines, and Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning. Speaking to more than 100 groups nationally each year, he is known for spicing up his extensive expertise with an incredible sense of humor.

Learning Objectives

Upon successful completion of this course, participants will be able to:

• Cite situations where a partnership would be a good choice and those where it would not
• Identify how a partnership is treated by the IRS.
• Determine how partnerships deal with tax issues like income, expenses, or payments to members for work done for the partnership
• Specify when gain or loss is recognized when real estate is transferred to a partnership
• Choose a situation where change in basis in a partnership would occur
• Define hot assets in terms of real estate partnerships
• Cite the basis for property from a nonliquidating distribution
• Define terms related to distributions made to partners
• Identify circumstances where the IRS may deny a revocation under §754
• State when transfers of cash or property within a partnership are untaxable
• List the holding period for a portion of a partnership sold
• Name entities that can choose to be partnerships or corporations
• List the rules for inheriting interest in a partnership upon death of a member

Choose Your Preferred Format

• Online Access
• Hard Copy
• Self-Study Video

Online Access

Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.

Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.