Partnership Taxation

Course Description:

The 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 Objectives:

Upon successful completion of this course, participants will be able to:

•   Recognize the tax treatment of partnerships, specifying advantages and disadvantages and their effect on income attribution.
•   Determine the impact of partnership K-1s on individual or partner taxation and specify the tax treatment of guaranteed payments, organizational expenses, and other fees.         
•    Identify the tax treatment of contributions of property to a partnership under §721 and the impact on tax basis.
•    Recognize the tax treatment of partnership distributions and sale of partnership interests by:
  a. Identifying the tax treatment of partner liabilities and of sales and exchanges of partnership interests and property; and
  b. Determining the differences between liquidating and nonliquidating payments, including the definition of a partner’s basis on such an event.