July 26, 2022


Webinar


8 Total CPE Credits

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Partnership Taxation: Comprehensive-Form 1065

Learning Objectives

  • Learn about all of the tax issues surrounding the formation of a partnership.
  • Understand how to allocate income and loss under various methods including targeted allocations and the proper use of the three704(c) allocation methods.
  • Learn how to properly prepare the704(b) book capital accounts.
  • Reporting recourse and non-recourse debt on the Schedule K-1.
  • Learn how to allocate minimum gain allocation amounts.
  • Learn how operating and liquidating distributions are taxed.
  • Determine how to properly calculate the income tax on the sale of a partnership interest.
  • Learn about the tax impact of the distribution of cash and non-cash assets for both proportionate and disproportionate distributions.
  • Determine the impact of the rules regarding the net investment income tax, qualified business income tax deduction, and excess business interest expense deduction on a partnership.
  • Learn about the new centralized partnership audit regime.

Major Topics

  • Special allocations
  • Targeted allocations
  • Proper calculation of outside and inside tax basis
  • Tax consequences of distributions
  • Impact of "hot assets?? on distributions
  • Transfer of partnership interests
  • Issuance of partnership interests to service partners

CPE Credits Available

8
Total CPE
8
Taxes

Things to Know About This Course

Prerequisites

Some knowledge in partnership taxation.

Advanced Preparation

None

Intended Audience

Tax professionals.

Provider

California Society of CPAs

This event has ended.