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Buying and Selling Partnerships 4173115A
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Consider the tax consequences of selling a business conducted as a partnership and the disposition of partial interests in a partnership. To put this discussion in context, relevant partnership law is described. Special topics considered include Section 754 elections, Section 751 and 704(c) complications, as well as comparing results of selling a partnership business to selling a corporate business, with or without a S corp election.

8/21/2017
When: 2:00 PM to 4:00 PM
Where: Webcast
CALCPA
4173115A
United States
Presenter: John G. McWilliams, CPA, JD
Contact: April Deneault
801-466-10325


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Curriculums:   Partnerships and LLCs,Financial Leadership Forum,Business and Industry

NASBA Credit Category:  Taxes

CPE Hours:  2

Description

Consider the tax consequences of selling a business conducted as a partnership and the disposition of partial interests in a partnership. To put this discussion in context, relevant partnership law is described. Special topics considered include Section 754 elections, Section 751 and 704(c) complications, as well as comparing results of selling a partnership business to selling a corporate business, with or without a S corp election.

Materials are provided as an ebook.



Major Subjects

  • Partnership tax law
  • Allocation of partnership items
  • Treatment of 'contributed assets'
  • Adjustments to basis in partnership interests
  • Sale of partnership interests, including Section 751 "hot assets"
  • Partnership terminations
  • Selling a partnership business to an unrelated buyer
  • Selling a partnership after death of a partner
  • Distributions of appreciated assets
  • Complications based on negative capital accounts
  • Loss recognition

Objectives

  • Identify the relevant partnership tax law, including the treatment of contributed assets; liquidating and non-liquidating distributions; sale of partnership interests; partnership terminations; and Section 754 elections.
  • Identify tax planning opportunities related to the sale of a partnership business to an unrelated buyer.
  • Determine tax considerations for sales or "redemptions" of a partial interest in the partnership.
  • Recognize tax complications presented when partners have a negative capital account.
  • Identify the special tax considerations when there is an asset contributed by a partner for an interest in the partnership.

Level:  Intermediate

Designed For

CPAs and attorneys who have at least two years of experience advising privately owned businesses.

Advanced Prep:

None.

Prerequisite

An understanding of the taxation of corporations, S corps and partnerships.

Price:
Members: $60

Nonmembers: $94

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