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.
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
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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.
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