- 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.
Included with subscription(s):
Upon successful completion of this course, the user should be able to:
recognize the tax consequences of current and liquidating distributions to partners,
identify the consequences when appreciated property is distributed to noncontributing partners,
identify various hot assets, and
identify when a 'substantial basis reduction' is required.