Comprehensive Partnership Taxation Form 1065 2024

Monday, December 09, 2024
Webcast or Webinar, Online
11:00AM - 6:30 PM (opens at 10:30AM) EST
8Credits

Registration is Open

Members
$299.00 Regular Price
Non-Members
$399.00 Regular Price

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$160.00 Members / $224.00 Non-Members
Course Type: Webcast
Course Code: 24/8126131
Level: Intermediate
Vendor: California CPA Education Foundation
Field of Study: Taxes

Overview:

Taxation of partnerships continues to become more complex every year. This course highlights the significant areas of concern for tax advisors and their clients in compliance and planning for partnership operations, distributions and transactions. Topics covered include unique and targeted allocations, proper calculation of outside and inside tax basis, tax consequences of distributions, the impact of "hot assets" on distributions, transfer of partnership interests, and issuance of partnership interests to service partners. This course will also help you add immediate value to your partnership clients by correctly calculating and reporting critical partnership tax items that generate most IRS audit adjustments.

Objectives:

• Recognize the issues surrounding the formation and operations of a federally taxed partnership • Understand how to allocate income and loss under various methods, including targeted allocations, the proper use of the three 704(c) allocation methods, and how to maintain the 704(b) book capital accounts • Calculate partnership tax r eporting items, including recourse and non-recourse debt on the Schedule K-1, allocating minimum gain allocation amounts, and gain potential attributable to operating and liquidating distributions • Determine how to properly calculate the income tax on the sale of a partnership interest as well as the tax impact of the distribution of cash and non-cash assets for both proportionate and disproportionate distributions

Major Topics:

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

Major Topics:

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

Designed For:

Tax professionals, CPAs, accountants, and other financial professionals looking to expand and update their understanding and knowledge.

Prerequisites:

Some knowledge in partnership taxation.