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. Learn to identify separately stated items for Form K-1 and to calculate partnership income. You will learn basic principles of partnership taxation that will be your foundation of your tax knowledge. Anyone who prepares partnership returns will benefit from this course.


LEARNING OBJECTIVES
  • Properly account for common partnership transactions, including formation issues
  • 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
  • Understand how to apply the loss limitations rules

MAJOR TOPICS

Organization of partnership

  • Capital account versus basis
  • Partner basis from partnership debt
  • Calculation of partnership income
  • Partnership allocations
  • Distributions
  • IRC Sec. 754 election
  • Partnership versus partner tax accounting elections
  • Preparation of partnership return and reporting problem

DESIGNED FOR
Accountants who will prepare partnership and tax returns. May also be suitable for public practice.

FIELD OF STUDY
Taxes

PREREQUISITES
None

COURSE PRODUCER
Loscalzo Associates

CPE CREDITS
8.0

LEVEL
Basic
 

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