Partnership Taxation

2 Credits: Taxes


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Partnership Taxation

Course Level
CPE Credits

2 Credits: Taxes

Course Description

This mini-course is an essential guide for professionals seeking to deepen their understanding of partnership taxation. It covers a range of critical topics, from the basic tax treatment of partnerships to the intricate details of their operation. The course offers the benefit of enabling participants to recognize the advantages and disadvantages of partnership taxation, including how it affects income attribution. Furthermore, it provides clarity on partnership income reporting requirements, loss deduction limitations, and the tax treatment of guaranteed payments and other fees. Participants will also gain insights into the tax implications of contributions to a partnership under §721 and learn to differentiate between liquidating and non-liquidating distributions. This course is invaluable for those looking to enhance their proficiency in partnership taxation, ensuring well-informed tax planning and compliance.

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Learning Objectives

  • After completing this chapter, participants will be able to:
    • Recognize the tax treatment of partnerships noting advantages and disadvantages and their effect on income attribution.
    • Determine partnership income and reporting requirements by:
    1. Identifying filing requirements and the impact partnership K-1s on individual or partner taxation; and
    2. Specifying loss deduction limitations and stating the tax treatment of guaranteed payments, organizational expenses, and other fees.
    • Identify the tax treatment of contributions of property to a partnership under §721 and the impact on tax basis.
    • Recognize the tax treatment of partnership distributions and sale of partnership interests by:
    1. Identifying the tax treatment of partner liabilities and of sales and exchanges of partnership interests and property; and
    2. Determining the differences between liquidating and non-liquidating payments including the definition of a partner’s basis on such an event.
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Course Specifics

Course ID
Revision Date
May 6, 2024

There are no prerequisites.

Advanced Preparation


Number of Pages

Compliance Information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02131-22-S
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-0437
CTEC Federal Tax Law Credits: 2

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone toll-free at (877) 850-2832, or on the Internet at

Meet The Experts

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 …