Course ID: IPT

Introduction to Partnership Taxation


From first year return issues, to disposition of a partnership interest, this program provides information about the basics of partnership taxation. Anyone who prepares partnership returns will benefit. Learn to identify separately stated items for Form K-1 and to calculate partnership income. Actually prepare a complex partnership return from a trial balance in a comprehensive case study.


LEARNING OBJECTIVES
  • Properly account for common partnership transactions
  • Track partner’s capital account and basis in partnership interest (They may not be the same)
  • Prepare an accurate Form 1065 and associated Forms K-1.

MAJOR TOPICS
  • Organization of partnership
  • Capital account vs. basis
  • Partner basis from partnership debt
  • Calculation of partnership income
  • Partnership allocations
  • Distributions
  • IRC Sec. 736 distributions
  • IRC Sec. 754 election
  • Partnership v. partner tax accounting elections
  • Preparation of Partnership return and reporting problems

DESIGNED FOR
Accountants who will prepare partnership and LLC tax returns

PREREQUISITES
None

COURSE PRODUCER
Nichols Patrick CPE, Inc

CPE CREDITS
8.0

LEVEL
Basic

This course is available to be scheduled as:

Group Live
 

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