- 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:
recognize special problems with distributions, precontribution gains and disproportionate distributions,
identify basis adjustments to partnership assets,
recognize liabilities according to regulatory guidance, the determination of risk of loss, and nonrecourse liabilities,
identify special allocations as they relate to a partner's distributive share of partnership income including the origin,
recognize special allocations and the impact of substantiality,
determine the special problems of retiring and deceased partners, and
recognize family partnerships.