- 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 when a partnership will terminate and identify the implication of partnership termination;
determine the different tax consequences of partnership mergers and divisions under the two underlying statutory frameworks for accomplishing partnership mergers and divisions - the "assets over" and "assets up" formats;
recognize the different ways partnership interests are transferred; and
determine the tax consequences to the seller than result upon transfer of a partnership interest.