Intermediate Partnerships Self-Study
Partnership taxation can be a complicated subject. They can operate as limited partnerships, limited liability companies or general partnerships. 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 tax professionals who already have a basic understanding of partnership taxation.
Upon completion of this course, you will be able to:
- Understand the different types of partnerships
- Recognize tax basis partner capital accounts
- Identify limited partners for purposes of self-employment tax
- List the important tax rules regarding special allocations for partnerships
- Summarize important rules regarding guaranteed payments
- Identify when a §754 election can be performed
- Calculate basis adjustments required by a §754 election
- Prepare Form 8308, Report of a Sale or Exchange of Certain Partnership Interests
- Identify disguised sales
- Prepare Form 1065 when one partner leaves a two-partner partnership
- 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.