The tax law related to partnerships is complex. The Partnership Tax Guide course provides clarity by clearly stating the essential rules relating to the creation, operation, and liquidation of partnerships. Key topics covered include basic partnership concepts, basis, the sale of partnership interests, partnership terminations, partnership income and expenses, disguised sales, and anti-abuse rules. In short, this course presents a compact discussion of the essential issues related to partnership taxation.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Recognize the requirements for the partners in a partnership.
Identify the tax rules pertaining to contributions to a partnership.
Specify how the economic substance doctrine applies to partnerships.
Recognize the tax implications of the various types of basis in a partnership.
State the tax outcomes associated with the sale of a partnership interest.
Specify the partnership elections that can impact the reported amount of taxable income.
Identify the tax issues pertaining to the expenses that a partnership may recognize.
Recognize the circumstances in which the revaluation of partnership assets would be appropriate.
Major Topics
Partnership Concepts
The Partnership Agreement
Economic Substance Doctrine
Sale or Exchange of Partnership Interests
Partnership Consolidations and Divisions
Partnership Tax Forms
Partnership Income and Expenses
