- NY Credits : 8.0
- TX Credits : 8.0
- CTEC Credits : Federal Tax Law - 8.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 8.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 8.0
Companion to PPC's 1065 Deskbook - Course 2 - Basis, Allocations, and Loss Limitations (T65TG172)
This interactive self-study course examines various matters related to basis, allocations, and loss limitations. Lesson 1 strictly deals with a partner’s outside basis in the partnership interest. Lesson 2 takes a look at the rules for allocating basis from partnership liabilities to partnership interests. Lesson 3 discusses the tax allocation rules for partnerships. Lesson 4 covers the applications of IRC Sec. 704(c), and Lesson 5 deals with allocations when partners’ interests change during the year.
Course Expiration Date: November 30, 2018
Please note, the grading fee for answer sheets submitted by regular mail is $99.
Identify and calculate the inside and outside basis in a partnership interest.
Distinguish between the old and new rules for allocating recourse and nonrecourse liabilities to partners, describe how to handle guarantees and similar arrangements, and apply the regulations on liability assumptions.
Identify the tax allocation rules for partnerships.
Identify the permissible Section 704(c) allocation methods.
Determine how to allocate gain/loss on dispositions of partnership property, and determine how to allocate depreciation and gains/losses under IRC Sec. 704(c).
Determine how allocations of income, gain, loss, deduction, and credit are taken into account when partners’ interests change during the year.
Lesson 1—Basis in the Partnership Interest (Outside Basis)
Lesson 2—Partner’s Basis from Partnership Liabilities
Lesson 3—Making Valid Partnership Tax Allocations
Lesson 4—When FMV and Basis of Contributed Property Differ—Section 704(c) Allocations
Lesson 5—Allocations When Partners’ Interests Change during the Year