Partnership TaxationCode: 25-PARTNER

265 Pages

The program 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. This course is presented in four practical segments: (1) the formation of partnerships, (2) the basic day-to-day operations of partnerships, (3) distributions of assets to partners, and (4) the termination of partnership affairs.

OBJECTIVES:

To provide participants with a fundamental examination of commonly encountered partnership tax problems, in order to develop skills for later dealing with partnership tax problems.

MAJOR TOPICS:

• Definition of A Partnership

• Formation & Capitalization

• Buy/sell Agreements

• Contributions of Property & Services

• Profit & Capital Interests

• Basis & Debt Allocation Rules

• Transactions with Partners

• At-risk Limitations

• Special Allocations Under §704(b)

• Hot Assets & Recapture

• Partnership Audit Procedures

• Terminations & Reorganizations

• Estate Planning

• Tax Year Options

• Basis Adjustments

• Passive Loss Rules

• Sale of Partnership Interest

• Cash & Property Distributions

• Guaranteed Payments

• Capital Account Adjustments

• Treatment of Suspended Losses

• Fringe Benefit Limitations

• Available Retirement Plans

• Incorporation