Partnership Taxation 2022

Overview

The mini-course will examine tax issues relating to the formation and operation of partnerships. Participants will gain a familiarity with basic areas of partnership taxation so as to recognize a problem and have at hand some practical knowledge for its solution.

Highlights

• Partnership definition • Partnership income • Partnership tax return • Year taxable • Transactions between partner & partnership • Contributions to partnerships • Sales & exchanges of partnership interests • Partnership distributions • Partnership liquidations • Limited liability companies

Objectives

• Recognize the tax treatment of partnerships specifying advantages and disadvantages and their effect on income attribution. • Determine partnership income and reporting requirements by: • Identifying filing requirements and the impact partnership K-1s on individual or partner taxation; and • Specifying loss deduction limitations and stating the tax treatment of guaranteed payments, organizational expenses, and other fees. • Identify the tax treatment of contributions of property to a partnership under 721 and the impact on tax basis. • Recognize the tax treatment of partnership distributions and sale of partnership interests by: • Identifying the tax treatment of partner liabilities and of sales and exchanges of partnership interests and property; and • Determining the differences between liquidating and non-liquidating payments including the definition of a partner’s basis on such an event.