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| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 28 ||| Word Count: 17,638 ||| Review Questions: 10 ||| Final Exam Questions: 10 |
| CPE Credits : | 2.0 |
| IRS Credits : | 2 |
| Price : | $17.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 248 |
| Description : | The mini-course will examine tax issues relating to the formation and operation of partnerships. Participants will gain familiarity with basic areas of partnership taxation so as to recognize a problem and have at hand some practical knowledge for its solution. |
| Usage Rank : | 14737 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Partnership: Definition, How it Works, Taxation, and Types
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 14-Jun-2024 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 248 |
| Keywords : | Taxes, Partnership, Taxation, Mini, Course, cpe, cpa, online course |
| Learning Objectives : |
As a result of studying the assigned materials, you should be able to meet the objec-tives listed below. ASSIGNMENTAt the start of the materials, participants should identify the following topics for study:
* Partnership income * Partnership tax return * Year taxable * Transactions between partner & partnership * Contributions to partnerships * Sales & exchanges of partnership interests * Partnership distributions * Partnership liquidations * Limited liability companies After reading the materials, participants will be able to:
2. Determine partnership income and reporting requirements by:
b. Specifying loss deduction limitations and stating the tax treatment of guaranteed payments, organizational expenses, and other fees. 4. Recognize the tax treatment of partnership distributions and sale of partnership interests by:
b. Determining the differences between liquidating and nonliquidating payments including the definition of a partner’s basis on such an event. |
| Course Contents : | Chapter 1 - Partnership Taxation Introduction Definition of Partnership Section 761(a) Factors Husband-Wife Partnerships Limited Partnerships Taxed as Corporations Analysis Continuity Centralized Management Limited Liability Transferability Ruling Policies Corporate General Partner Co-tenancies Definition of Trade or Business Joint Ventures Partnership Agreement Modifications Partner’s Share of Tax Items Limited Partners Family Partnerships - §704(e) Capital Partnerships Gifts & Interfamily Sales Material Use of Capital Minor Children as Partners Non-Capital Partnerships Advantages Disadvantages Termination Of Partnership Partners Taxed as Individuals Self-Employment Tax Exception - Separate Entity for Some Purposes Individual Returns & K-1s Partnership Expenses Paid By a Partner Separately Treated Items Character of Items & Limitations Deduction of Losses Outside Basis Limitation - §704(d) Loss Ultimately Deductible Effect of Losses on Outside Basis - §705 Partnership Tax Return Organization & Syndication Fees - §709 Capitalized Syndication Fees Business Start-up Costs - §195 Definition Filing Requirements Due Date of Return Failure to File Failure to Furnish Copies to Partners Year Taxable - §706(a) Limitation on Choice of Taxable Year Required Tax Year Business Purpose - §706(b) Rev. Proc. 87-32 Highest Average Requirement 47-Month Exclusion Restrictions Form 1128 Section 444 Election Limitations on Changing a Tax Year Making the Election - Form 8716 Back-Up Election Required Payment When to File Termination of Election Transactions between Partner and Partnership Treating Partner as Stranger - §707(a) Payments by Accrual Basis Partnership to Cash Basis Partner Guaranteed Payments - §707(c) Capitalization Prepaid & Capital Expenses - §707(c) Organization & Syndication Expenses - §709 Guaranteed Minimum Year Taxed - §706(a) Salary vs. Distribution Stranger Payment vs. Guaranteed Payment Payments Resulting in Loss Recipient of Salary as an “Employee” Exception Accident & Health Insurance Premiums Certain Losses Disallowed - §707(b) Two Partnerships Constructive Ownership Sales at Gain Contributions of Property - §721 Contribution vs. Sale or Exchange Disguised Sale - §707(a) Disguised Taxable Exchanges - §704 & §737 Precontribution Gain or Loss Property Property Distribution to Contributing Partner - §737 Anti-Abuse Rules Under §737 Contributed Property Distribution to Another Partner - §704(c) Seven Year Period (Formerly Five) Allocation Methods for Precontribution Gain or Loss Transfers to Investment Company Type Partnerships - §721(b) Contributed Assets Inside (Partnership) Basis - §723 Allocations as to Contributed Property - §704(c) Liabilities Earlier Optional Application of §704(c) Character of Subsequent Gain Taint On Contribution - §724 Character of Subsequent Loss - §724(c) Contribution of Services Basis of Partner’s Interest - Outside Basis Original Basis - §722 Adjustments to Basis Effect of Liabilities - §752 Deemed Distribution & Contribution Special Rule for Liabilities of Cash Basis Partnership Partner’s Share of Partnership Liabilities Limited Partnerships Exception Guarantees Sales & Exchanges of Partnership Interests Capital Asset Treatment - §741 Aggregate Exceptions Unrealized Receivables & Inventory - §751 Collectibles Unrecaptured §1250 Capital Gain Exchanges & Transfers Like-Kind Exchanges - §1031 Transfers to Controlled Corporations - §351 Partner’s Interest Basis Foreign Person Sale of U.S. Partnership Interest Liabilities of Partnership Inside Basis after Transfer of Partnership Interest General Rule - §743(a) Substantial Built-in Loss - §743(d) Special Inside Basis Adjustment - §754 & §743(b) Allocation of Basis - §755 Death of Partner Basis Exception Permanency of Election General Nonrecognition Rule - §731 Exceptions to General Rule Basis Adjustments Partner’s Interest - §733 Property Received - §732 Nonliquidating Distribution Basis Limitation - §732(a) Liquidating or Complete Distribution Allocation of Basis When Limited - §732(c) Partnership’s Basis Greater Than Partner’s Basis Partner’s Basis Greater Than Partnership’s Basis Special Adjustment to Basis Mandatory Application Holding Period - §735 Partnership Property - §754 & §734 Basis Allocation on Properties Distributed By a Partnership Flexible Treatment Types of Liquidating Distributions Liquidating Distributions of Money Section 736(a) Payments Section 736(b) Payments Effect Exclusions From §736(b) Treatment Basis Adjustment after Distributions Election - §754 Additional Adjustments Required by §734 Introduction LLC Benefits Disadvantages Federal Tax Consequences Check-the-Box Regulations Glossary |
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