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 noting advantages and disadvantages and their effect on income attribution.
•    Determine partnership income and reporting requirements by identifying filing requirements and the impact partnership K-1's have on individual or partnership taxation; and by specifying loss deduction limitations and stating 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 identifying the tax treatment of partner liabilities and of sales and exchanges of partnership interests and property; and by determining the differences between liquidating and non liquidating payments including the definition of a partner's basis on such an event.