2 Credits: Taxes
The mini-course 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.
- 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:
- Identifying filing requirements and the impact partnership K-1s on individual or partner taxation; and
- 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:
- Identifying the tax treatment of partner liabilities and of sales and exchanges of partnership interests and property; and
- Determining the differences between liquidating and non-liquidating payments including the definition of a partner’s basis on such an event.
March 9, 2023
There are no prerequisites.
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02131-22-S
IRS Federal Tax Law Credits: 2
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 www.ctec.org.
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 …