The Nuts and Bolts of Partnership Liquidation
In a perfect world, the tax consequences of liquidating a partnership would be easy for your business clients. Sell the assets, pay off the debts and distribute the remaining cash. Unfortunately, the mechanics of this liquidation process are easier said than done. Take this webinar and you will be able to lead your clients through this process. You’ll learn the steps for partnership liquidations, the tax consequences of partnership liquidations and the tax consequences of technical terminations.
Upon completion of this course, you will be able to:
- Determine when a partnership liquidation occurs based on the client scenario.
- Outline the steps for liquidating a partnership.
- Correctly describe the tax consequences of partnership liquidation at the partnership level.
- Correctly describe the tax consequences of partnership liquidation at the partner level.
- Properly report the liquidation.
- Determine how to report transactions that occur after liquidation.
- Identify the events that trigger technical terminations.
- Describe the tax consequences of technical terminations.
This webinar includes the presentation slides, exam questions, live webinar recording with review questions, and Q&A transcript. CPE is issued after exam is successfully completed.
Laura Strombom, EA, MBA, NTPI Fellow