Mobile Edition

Understanding Partnership and LLC Taxation (4173126C)

Date:Wednesday, December 20, 2017
Time:11:30AM - 7:00 PM
(Registration at 11:00AM)
Facility:Webcast or Webinar, Online
CPE Credit:8.0 Technical Business
Instructor: Michael Vinson
Vendor:California CPA Education Foundation
Course Level:Basic
Early Bird Price:$245.00 FICPA Members, $365.00 Non-Members



Receive a comprehensive understanding of key federal income tax issues in partnership taxation. Examine the different types of entities that are taxed as partnerships and identify the significant differences among them. Understand the consequences of contributions to and distributions from partnerships which includes partnership operations, allocations of income and loss, sale and exchange of partnership interests and partnership debt. Emphasis is placed on identifying tax planning opportunities and avoiding traps for the unwary.


Note: This is a survey course. Although class discussion reviews several features of Form 1065 and Schedule K-1, form preparation is not covered.


  • Identify which entities will be taxed as partnerships.
  • Determine the tax consequences of partnership contributions and distributions.
  • Choose among the available taxable years and methods of accounting to determine the consequences of partnership operations.
  • Select the proper method for allocating items of partnership income, gain, loss, deduction and credit.
  • Identify the consequences of partnership recourse and nonrecourse debt.
  • Determine how key tax items are reported on Form 1065 and Schedule K-1.

Major Topics:
  • Classification of entities as partnerships
  • Key differences between general partnerships, LPs, LLPs and LLCs
  • Inside and outside basis, and capital accounts
  • Partnerships: Formation, operations, liabilities and allocation of income and loss
  • Distributions
  • Sale or exchange of partnership interests
  • Guaranteed payments
  • Elective and Mandatory Inside Basis Adjustments

Who Should Attend:

CPAs and attorneys; ideal for tax return preparers with up to three tax seasons; and more experienced practitioners who have not worked with partnerships for a while or who are not familiar with LLCs.


Advanced Preparation:


If listed below, select the appropriate sessions or options to continue with your purchase.

Registration Status: CLOSED - Online registration for this course is now closed. Please contact the Member Service Center at (800) 342-3197 if you wish to inquire about registering.