CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Partnership Taxation

Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
13 Credits: Taxes

Course Description

The program will examine tax issues relating to the formation and operation of partnerships. Participants will gain a familiarity with basic areas of partnership taxation so as to recognize a problem and have at hand some practical knowledge for its solution. This course is presented in four practical segments: (1) the formation of partnerships, (2) the basic day-to-day operations of partnerships, (3) distributions of assets to partners, and (4) the termination of partnership affairs.

Learning Objectives

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

Chapter 1
  • Determine what constitutes a partnership for federal income tax purposes under §761.
  • Recognize the impact of partnership agreements on partners’ shares of tax items, specify the requirements of §704(e) for family partnerships, and cite the pros and cons of partnerships to determine when the entity choice is appropriate.
  • Identify the complete or partial exclusion from partnership treatment under §761
Chapter 2
  • Recognize the allocation of income and deduction among partners, identify when a partnership or its partners are subject to income or estimated tax, determine what constitutes §1402 self-employment taxes, and specify instances where partnerships are viewed as separate entities.
  • Specify the types of separately stated partnership expenses identifying the character of such items and their deduction limitations, and recognize the §704(d) outside basis limitation and its impact on losses.
  • Determine whether a partnership can elect to amortize certain business-related expenses, and specify the elements and requirements of the partnership tax return and the items of deduction to which individuals are entitled.
  • Identify a partnership’s year taxable under §706(a) and the allocation of items of income and deduction from the partnership to the partners.
  • Identify transactions between a partner and a partnership as being between a stranger and a partnership or as guaranteed payments.
Chapter 3
  • Recognize the tax-free capitalization rules of §721.
  • Determine a partnership’s basis for contributed assets under §723.
  • Specify the taxation of contributed services and strategies to avoid immediate taxation.
  • Determine the original and adjusted basis of an interest acquired by contributing property and/or money under §722.
  • Recognize a partner’s loss deduction when the limits on deductions of partnership losses apply
Chapter 4
  • Determine capital asset treatment on the sale or disposition of a partnership interest under §741
  • Recognize the tax treatment of a sale or exchange of a partnership interest where the partnership possesses hot assets (unrealized receivables and inventory), and identify the impact of partnership liabilities in computing both the amount realized on a sale of a partner’s interest and the adjusted basis of the sold interest.
  • Specify optional basis adjustment provisions stating how they relate to the general rule for the inside basis after the transfer of a partnership interest, determine the tax consequences of making a gift of a partnership interest, and recognize the unique treatment of partnership interests that are abandoned or foreclosed on with or without related liabilities.
Chapter 5
  • Determine the treatment of distributions of cash or property by a partnership to the partners
Chapter 6
  • Determine ways to liquidate a retiring partner’s interest
  • Identify a withdrawing partner’s basis when there are distributions in liquidation or in nonliquidation, and specify the requirements of a §754 election identifying additional adjustments required.
Chapter 7
  • Determine the taxation of limited liability companies recognizing the variety of tax entity choices and their advantages and disadvantages
  • Identify ways to use an LLC and their business-planning opportunities, and specify business ventures that should avoid LLCs.
  • Recognize the federal tax consequences of establishing an LLC
  • Identify the dangers and tax consequences in converting to an LLC from another form of entity, and recognize the potential assessment of sales and use tax, real property taxes, and real property transfer taxes on entities on conversion to an LLC.

Course Specifics

Course ID
8202684
Revision Date
May 12, 2020
Number of Pages
234
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Danny Santucci Headshot
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 …

Danny Santucci, JD Read More »

Partnership Taxation

Expert Instructors
Format
CPE CREDITS
13 Credits: Taxes

$351.00$391.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
13 Credits: Taxes

Course Description

The program will examine tax issues relating to the formation and operation of partnerships. Participants will gain a familiarity with basic areas of partnership taxation so as to recognize a problem and have at hand some practical knowledge for its solution. This course is presented in four practical segments: (1) the formation of partnerships, (2) the basic day-to-day operations of partnerships, (3) distributions of assets to partners, and (4) the termination of partnership affairs.

Learning Objectives

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

Chapter 1
  • Determine what constitutes a partnership for federal income tax purposes under §761.
  • Recognize the impact of partnership agreements on partners’ shares of tax items, specify the requirements of §704(e) for family partnerships, and cite the pros and cons of partnerships to determine when the entity choice is appropriate.
  • Identify the complete or partial exclusion from partnership treatment under §761
Chapter 2
  • Recognize the allocation of income and deduction among partners, identify when a partnership or its partners are subject to income or estimated tax, determine what constitutes §1402 self-employment taxes, and specify instances where partnerships are viewed as separate entities.
  • Specify the types of separately stated partnership expenses identifying the character of such items and their deduction limitations, and recognize the §704(d) outside basis limitation and its impact on losses.
  • Determine whether a partnership can elect to amortize certain business-related expenses, and specify the elements and requirements of the partnership tax return and the items of deduction to which individuals are entitled.
  • Identify a partnership’s year taxable under §706(a) and the allocation of items of income and deduction from the partnership to the partners.
  • Identify transactions between a partner and a partnership as being between a stranger and a partnership or as guaranteed payments.
Chapter 3
  • Recognize the tax-free capitalization rules of §721.
  • Determine a partnership’s basis for contributed assets under §723.
  • Specify the taxation of contributed services and strategies to avoid immediate taxation.
  • Determine the original and adjusted basis of an interest acquired by contributing property and/or money under §722.
  • Recognize a partner’s loss deduction when the limits on deductions of partnership losses apply
Chapter 4
  • Determine capital asset treatment on the sale or disposition of a partnership interest under §741
  • Recognize the tax treatment of a sale or exchange of a partnership interest where the partnership possesses hot assets (unrealized receivables and inventory), and identify the impact of partnership liabilities in computing both the amount realized on a sale of a partner’s interest and the adjusted basis of the sold interest.
  • Specify optional basis adjustment provisions stating how they relate to the general rule for the inside basis after the transfer of a partnership interest, determine the tax consequences of making a gift of a partnership interest, and recognize the unique treatment of partnership interests that are abandoned or foreclosed on with or without related liabilities.
Chapter 5
  • Determine the treatment of distributions of cash or property by a partnership to the partners
Chapter 6
  • Determine ways to liquidate a retiring partner’s interest
  • Identify a withdrawing partner’s basis when there are distributions in liquidation or in nonliquidation, and specify the requirements of a §754 election identifying additional adjustments required.
Chapter 7
  • Determine the taxation of limited liability companies recognizing the variety of tax entity choices and their advantages and disadvantages
  • Identify ways to use an LLC and their business-planning opportunities, and specify business ventures that should avoid LLCs.
  • Recognize the federal tax consequences of establishing an LLC
  • Identify the dangers and tax consequences in converting to an LLC from another form of entity, and recognize the potential assessment of sales and use tax, real property taxes, and real property transfer taxes on entities on conversion to an LLC.

Course Specifics

Course ID
8202684
Revision Date
May 12, 2020
Number of Pages
234
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Danny Santucci Headshot
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 …

Danny Santucci, JD Read More »

Partnership Taxation

Expert Instructors
Format
CPE CREDITS
13 Credits: Taxes

$351.00$391.00

Clear