July 26, 2022


8 Total CPE Credits


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

Total CPE

Things to Know About This Course


Some knowledge in partnership taxation.

Advanced Preparation


Intended Audience

Tax professionals.


California Society of CPAs

This event has ended.