- NY Credits : 7.0
- TX Credits : 7.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 7.0
This advanced course offers insight on partnership distributions, basis adjustments to partnership assets, liabilities and risk of loss as well as the special allocations related to a partner's distributive share of partnership income. Related to allocations, this course analyzes tests for substantiality, nonrecourse deductions, minimum gain chargeback and nonrecourse debt reduction. Special problems of retiring and deceased partners is presented in terms of disposing of a partnership interest, property payments, retirement payments and income recognition. Family partnerships are discussed including the operation thereof, recognition as a partner and the allocation rules of partnership income. This course includes a number of exercises and study questions to reinforce content and calculations. This course focuses on the development of in-depth knowledge, skill and application of partnership taxation and is most appropriate for the professional with mastery of taxation for partnerships who may be a seasoned professional within an organization but also may be appropriate for other professionals with specialized knowledge in federal taxation.
Upon successful completion of this course, the user should be able to:
identify basis adjustments to partnership assets,
determine liabilities and risk of loss,
determine if a distribution has substantial economic effect,
recognize special allocations,
determine the special problems of retiring and deceased partners, and
recognize family partnerships.