Intermediate Partnerships Self-Study

Summary

Partnership taxation is a complicated subject. There are several different types of partnerships, including limited liability companies (LLCs), which may affect how partners are taxed. In addition, various elections may be made at the partnership level, which serve as valuable planning tools. This course furthers the knowledge of tax professionals who already have a basic understanding of partnership taxation by analyzing the partners’ capital accounts and the tax rules for allocating income and loss, including special allocations when partners contribute built-in gain property. It also covers sales and exchanges of partnership interests and the resulting tax consequences, including the tax effects of the §754 election and any hot assets, how to make allocations when a partner’s interest in the partnership changes, and the tax treatment when a single-member LLC becomes a multi-member LLC or vice versa.

Objectives

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

• Analyze different types of partnerships
• Maintain tax basis capital accounts for partners
• Summarize the tax rules for allocating income or loss, including special allocations
• Recognize and report different types of guaranteed payments
• Calculate and report basis adjustments if a §754 election has been made
• Identify disguised sales and explain the disclosure requirements for certain transfers
• Summarize the tax consequences when a change in partners occurs
• Identify hot assets and explain how they affect certain transactions

Course Details

This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.