Partnership Basics: Basis and Allocation of Income and Loss (2023)

Objectives:

After completing this course, you will be able to (1) identify different issues regarding partnership formation, (2) calculate ordinary and taxable income for the partner and partnership, (3) identify items that change basis, (4) calculate the effect of partnership liabilities on basis, (5) compute the effects of distributions of partnership assets, (6) identify events that terminate a partnership, and (7) calculate gains or losses on liquidating distributions.

Major Topics:

Formation, Tax Year, Partner's Taxable Income, Partners Dealing with Own Partnership, Treatment of Partnership Liabilities, Distribution of Partnership Assets, Termination of Partnership

Prerequisite:

Basic experience with partnership tax returns.

Additional Info:

Access the OnDemand Course:

• Login: Please login to the course at http://www.ficpa.org/gleimsso.
• Enter the OnDemand Course: Once logged, in, click on the Online CPE: Transcript button.
• Access the OnDemand Course: Click the Continue button next to the OnDemand title that you are registered for.
  

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