- NY Credits : 2.0
- TX Credits : 2.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 2.0
Most practitioners deal with Form 1065, U.S. Return of Partnership Income, on a regular basis. This program discusses the basic concepts of partnerships, including the definition of a partnership, how to determine if an entity should be classified as a partnership or a corporation, the various kinds of partnerships, other entities that may choose to be taxed as a partnership, and the requirements necessary to legally form a partnership.
Upon successful completion of this course, the user should be able to:
determine what constitutes a partnership,
recognize the various types of partners,
identify the key factor that must be present in order for an arrangement to be recognized by the IRS,
recognize activities a limited partner may engage in without being recharacterized as a general partner,
identify the advantages of a Series LLC,
recognize the consequences of a partner retaining enjoyment of property contributed to a family limited partnership or family LLC,
recognize various kinds of partnerships and the difference between a partner's liability in each,
recognize the impact of the check-the-box regulations,
identify the factors that distinguish a partnership from a corporation, and
recognize opt-out provisions for partnerships.