- NY Credits : 1.0
- TX Credits : 1.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 1.0
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:
recognize the general tax consequences of distribution to partners,
identify the consequences when appreciated property is distributed to noncontributing partners,
determine the tax consequences of liquidation of a partner's interest,
identify various hot assets, and
identify when a "substantial basis reduction" is required.