Basic Partnership Taxation (Half-Day Webinar) (Completed)

Date: Tuesday, November 21, 2023
Instructor: James R. Hamill
Begin Time:  8:00am Pacific Time
9:00am Mountain Time
10:00am Central Time
11:00am Eastern Time
CPE Credit:  4 hours for CPAs
4 hours Federal Tax Related for EAs and OTRPs
4 hours Federal Tax Law for CTEC

The fastest growing tax reporting entity is the LLC taxed as a partnership. Tax practitioners now see partnership tax vehicles used by any type of taxpayer, including large corporations. The flexibility of partnership taxation has much to do with their use, but the distinctions between the “aggregate” and the “entity” approaches create significant uncertainty in many transactions.

This session is “Part I” of a two-part program on partnership taxation. This session will review many of the basic provisions of subchapter K and will help prepare both staff and management for dealing with more complex partnership tax concepts.

In this four-hour CPE webinar nationally recognized tax expert and instructor James Hamill, CPA, Ph.D., will explain the taxation of partnerships by use of commonly encountered transactions. The session will generally follow a “life cycle” approach, beginning with a review of what it means to be a partnership for tax purposes, the consequences of formation, and ending with the effects of distributions on both the partnership and the partners.

Who Should Attend
CPAs, EAs, tax preparers and other tax professionals with responsibility for assisting clients with partnership tax returns and tax-planning strategies.

Topics Covered

  • Partnership: Aggregate Versus Entity Approach
  • Partnership Classification and Formations
  • Forming a Partnership
  • Consequences of Partnership Formation
  • Reporting Issues: Aggregate treatment of partners
  • Debt Share Determinations
  • Allocations of Profit and Loss
  • §704(c) Depreciation Illustration
  • Distributions from a Partnership
  • Section 734 Adjustments
  • Examples

Learning Objectives

  • Determine the consequences of forming a partnership
  • Identify key tax reporting issues
  • Describe how to select an accounting period
  • Identify how to articulate allocations of profit and loss
  • Determine share of recourse liabilities
  • Recognize how to explain the rules affecting partnership distributions
  • Describe the aggregate approach
  • Identify how material participation applies
  • Recognize what's included for a partner's at-risk basis
  • Identify results of liquidating distributions
  • Describe tax effect of a distribution in various client scenarios
  • Recognize and apply Section 734 Adjustments
  • Identify UBIA for Section 199A
  • Recognize how recourse debt is presented
  • Describe how 704(b) capital is recorded
  • Differentiate true statements regarding nonrecourse deductions


Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites

Advance Preparation

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