- 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 examines partnership terminations, including statutory termination, mergers, consolidations, and divisions, and the two methods of accomplishing termination, the assets-over and assets-up formats. It also explores transfers of partnership interests, including exchanges, retirement of a partner, gift or contribution of a partnership interest, abandonment of a partnership interest, and death of a partner.
Upon successful completion of this course, 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; and
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.