Comprehensive Partnership Taxation Form 1065 2024

Overview

Taxation of partnerships continues to become more complex every year. This course highlights the significant areas of concern for tax advisors and their clients in compliance and planning for partnership operations, distributions and transactions. Topics covered include unique and targeted allocations, proper calculation of outside and inside tax basis, tax consequences of distributions, the impact of “hot assets” on distributions, transfer of partnership interests, and issuance of partnership interests to service partners. This course will also help you add immediate value to your partnership clients by correctly calculating and reporting critical partnership tax items that generate most IRS audit adjustments.

Highlights

Special and Targeted allocations
Proper calculation of outside and inside tax basis
Tax consequences of distributions including the impact of "hot assets"
Transfer of partnership interests
Issuance of partnership interests to service partners

Prerequisites

Some knowledge in partnership taxation.

Designed For

Tax professionals, CPAs, accountants, and other financial professionals looking to expand and update their understanding and knowledge.

Objectives

Recognize the issues surrounding the formation and operations of a federally taxed partnership
Understand how to allocate income and loss under various methods, including targeted allocations, the proper use of the three 704(c) allocation methods, and how to maintain the 704(b) book capital accounts
Calculate partnership tax r eporting items, including recourse and non-recourse debt on the Schedule K-1, allocating minimum gain allocation amounts, and gain potential attributable to operating and liquidating distributions
Determine how to properly calculate the income tax on the sale of a partnership interest as well as the tax impact of the distribution of cash and non-cash assets for both proportionate and disproportionate distributions

Preparation

None

Notice

This course is offered by a 3rd party vendor. Login instructions will not be accessible in the My CPE Tracker section of the ISCPA website. Login instructions will be emailed directly to you by California Education Foundation (CalCPA).