Advanced Partnerships On-Demand Webinar

Summary

This is the final part of a three-part webinar about the taxation of partnerships. In this third session, we will review how to proceed with basis adjustments of a partner's interest in the partnership, alternative minimum tax (AMT) preferences in a partnership and how the IRS and tax law defines a publicly traded partnership. By the end of the webinar, you'll have a better understanding of forms Schedule L, and Schedules M-1 and M-2. Schedule L (a balance sheet) is used to provide additional information on certain financial transactions or arrangements between an organization and a disqualified person or other interested person. Schedules M-1 and M-2 are used to report a more accurate picture of income and capital accounts. The webinar will conclude with an activity where you must successfully complete a complex partnership return.

Objectives

Upon completion of this course, you will be able to:

• Calculate inside and outside partnership basis.
• Analyze the effects of contributions and distributions from partnerships.
• Identify the effect of AMT preferences.
• Summarize the income and expenses of publicly traded partnerships.
• Correctly complete Schedules L, M-1 and M-2.

Course Details

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.