YJ2ER Partnership Taxation

YJ2ER Partnership Taxation
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Price: $19.99
Credits: 2.0
Prerequisite: N/A
Level: N/A
Model: YJ2ER-T-00195-23-S
Average Rating: Not Rated
Fields of study: Taxes
Format: PDF

This course is specifically for Enrolled Agents that need to report to the IRS.

The mini-course will examine tax issues relating to the formation and operation of partnerships. Participants will gain a familiarity with basic areas of partnership taxation so as to recognize a problem and have at hand some practical knowledge for its solution.


Learning Assignment & Objectives

As a result of studying the assigned materials, you should be able to meet the objectives listed below.


At the start of the materials, participants should identify the following topics for study:

* Partnership definition

* Partnership income

* Partnership tax return

* Year taxable

* Transactions between partner & partnership

* Contributions to partnerships

* Sales & exchanges of partnership interests

* Partnership distributions

* Partnership liquidations

* Limited liability companies

Learning Objectives

After reading the chapter, participants will be able to:

1. Explain the tax treatment of partnerships listing advantages and disadvantages and demonstrating their affect on income attribution.

2. Calculate and report partnership income by:

a. Identifying filing requirements and the impact partnership K-1’s on individual or partner taxation; and

b. Specifying loss deduction limitations and explaining the tax treatment of guaranteed payments, organizational expenses and other fees.      

3. Analyze the tax treatment of contributions of property to a partnership under Statute 721 and describe the impact on tax basis.

4. Determine the tax treatment of partnership distributions and sale of partnership interests by:

a. Explaining the tax treatment of partner liabilities and of sales and exchanges of partnership interests and property; and

b. Distinguishing between liquidating and nonliquidating payments including determination of a partner’s basis on such an event.

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