- NY Credits : 1.0
- TX Credits : 1.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 1.0
Form 1065 - Distributions
Most practitioners deal with Form 1065, U.S. Return of Partnership Income, on a regular basis. This program addresses distributions, including recognition of gain, distributions of property and securities treated as money, loss on distribution, sales of contributed property, distributions of property to a contributing or noncontributing partner, liquidating distributions, allocation of basis increases or decreases, the special basis adjustment under IRC Sec. 732(d), disproportionate distributions, and mandatory basis adjustments.
Upon successful completion of this course, the user should be able to:
determine the tax consequences of a liquidating distribution on a partnership interest,
identify a basis decrease formula to a partnership distribution consisting of multiple assets,
identify the requirements for recognizing a loss on a partnership distribution,
identify key components of the analysis of more complex situations where appreciated property is distributed to noncontributing partners,
determine the holding period for property received in a complete liquidation of a partnership interest,
identify the requirements for choosing a special basis adjustment for property distributed by the partnership,
identify when a substantial basis reduction occurs, and
identify various hot assets.