- NY Credits : 1.0
- TX Credits : 1.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 1.0
Form 1065 - Partnership Terminations and Transfers
Upon successful completion of Form 1065 - Partnership Terminations and Transfers, the user should be able to:
recognize operation of mergers or consolidations and when a partnership will terminate;
determine tax consequences (1) of partnership mergers and divisions under the two underlying statutory frameworks, (2) to the seller that result upon sale of a partnership interest and, (3) of common exchanges of partnership interests including factors that may have a tax effect on a partner who gifts or contributes her/his partnership interest;
identify proper forms to be filed when a sale or exchange of partnership interest involves IRC Sec. 751 property, implications of partnership termination, resulting partnerships upon the division of a partnership, characteristics of payments under IRC Sec. 736, and loss upon abandonment of a partnership interest.