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Understanding Partnership and LLC Taxation 4173126B
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Receive a comprehensive understanding of key federal income tax issues in partnership taxation. Examine the different types of entities that are taxed as partnerships and identify the significant differences among them. Understand the consequences of contributions to and distributions from partnerships which includes partnership operations, allocations of income and loss, sale and exchange of partnership interests and partnership debt.

10/25/2017
When: 9:30 AM to 5:00 PM
Where: Webinar/Webcast
CALCPA
4173126B
United States
Presenter: Michael Vinson, JD, LLM
Contact: April Deneault
801-466-10471


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

NASBA Credit Category:  Taxes

CPE Hours:  8

Description

 

Receive a comprehensive understanding of key federal income tax issues in partnership taxation. Examine the different types of entities that are taxed as partnerships and identify the significant differences among them. Understand the consequences of contributions to and distributions from partnerships which includes partnership operations, allocations of income and loss, sale and exchange of partnership interests and partnership debt. Emphasis is placed on identifying tax planning opportunities and avoiding traps for the unwary.

 

Note: This is a survey course. Although class discussion reviews several features of Form 1065 and Schedule K-1, form preparation is not covered.

 

Materials are provided as an ebook.



Major Subjects

  • Classification of entities as partnerships
  • Key differences between general partnerships, LPs, LLPs and LLCs
  • Inside and outside basis, and capital accounts
  • Partnerships: Formation, operations, liabilities and allocation of income and loss
  • Distributions
  • Sale or exchange of partnership interests
  • Guaranteed payments
  • Elective and Mandatory Inside Basis Adjustments

Objectives

  • Identify which entities will be taxed as partnerships.
  • Determine the tax consequences of partnership contributions and distributions.
  • Choose among the available taxable years and methods of accounting to determine the consequences of partnership operations.
  • Select the proper method for allocating items of partnership income, gain, loss, deduction and credit.
  • Identify the consequences of partnership recourse and nonrecourse debt.
  • Determine how key tax items are reported on Form 1065 and Schedule K-1.

Level:  Beginning

Designed For

CPAs and attorneys; ideal for tax return preparers with up to three tax seasons; and more experienced practitioners who have not worked with partnerships for a while or who are not familiar with LLCs.

Advanced Prep:

None.

Prerequisite

None.

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