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Partnership Taxation

Course - Partnership Taxation

Major Topics

Learning Objectives

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

Course Description

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.

Compliance Information

Advanced Preparation

None

Field of Study

Taxes

Credits

2 Credits

Published Date

January 27, 2023

Revision Date

March 25, 2024

Course Authors

Danny Santucci

Huntington Beach, CA
Author, Santucci Publishing

Danny earned his Bachelor of Arts in Political Science from the University of California at Irvine in 1969. He received his Juris Doctorate from Boalt Hall School of Law, University of California at Berkeley in 1972, at which time he began practice as a tax attorney in Southern California. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines & Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders, in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning.

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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.

Course Details

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

Intended Audience

Advanced Preparation — None

Field of Study — Taxes

Credits — 2 Credits

IRS Program Number

Published Date – January 27, 2023

Revision Date – March 25, 2024

Course Authors

Danny Santucci

Huntington Beach, CA
Author, Santucci Publishing

Danny earned his Bachelor of Arts in Political Science from the University of California at Irvine in 1969. He received his Juris Doctorate from Boalt Hall School of Law, University of California at Berkeley in 1972, at which time he began practice as a tax attorney in Southern California. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines & Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders, in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning.

About Instructor Read Less

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