The taxation of partnerships has become more complex in the past several years. This course highlights the major areas of concern for tax advisors and their clients in compliance and planning for partnership operations, distributions and transactions. Course topics include special allocations, targeted allocations, proper calculation of outside and inside tax basis, tax consequences of distributions, the impact of "hot assets" on distributions and transfer of partnership interests, issuance of partnership interests to service partners. Add immediate value to your partnership clients by properly calculating and then reporting critical partnership tax items that generate most IRS audit adjustments.
- 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.
- 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