Partnerships can operate as limited partnerships, limited liability companies or general partnerships, and the form of business can alter a partner’s taxation. In addition, there are various elections made at the partnership level that serve as planning tools. This course furthers the knowledge of a learner who already has a basic understanding of partnership taxation.
Upon completion of this course, you will be able to:
- Differentiate between the different types of partnerships.
- Recognize tax basis capital accounts.
- List the important tax rules regarding special tax allocations.
- Summarize important rules regarding guaranteed payments.
- Identify a §754 election.
- Calculate basis adjustments required by a §754 election.
- Identify disguised sales.
- Prepare Form 1065 when one partner leaves a two-partner partnership.
- Identify limited liability partners for purposes of self-employment tax.
- Prepare Form 8308.
- Prepare Form 1065 when a partner terminates an interest.
This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.