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.
Course ID: IPT
Introduction to Partnership Taxation
- 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.
- Organization of partnership
- Capital account vs. basis
- Partner basis from partnership debt
- Calculation of partnership income
- Partnership allocations
- IRC Sec. 736 distributions
- IRC Sec. 754 election
- Partnership v. partner tax accounting elections
- Preparation of Partnership return and reporting problems