Tax Strategies for Partnerships Part 1: Formation, Purchase, and Sales of Partnership Interests (Completed)
Date: Tuesday, May 18, 2021
Instructor: Greg White
| Begin Time: |
9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
|
Join expert Greg White, CPA, as he discuss tax strategies for minimizing gain when forming a partnership. He will also cover considerations in drafting a “mandatory tax distributions” provision so that your clients don’t end up with “phantom income.” You’ll also learn how to maximize the tax effects of purchasing a partnership interest and selling a partnership interest.
Topics Covered
- What business arrangements constitute a partnership for federal tax purposes
- And why is it crucial to understand this
Partnership basis rulesUsing the "liability netting" rules to avoid gain on the formation of a new partnershipReduce the chances that your client will end up with "phantom income"Considerations in structuring a "mandatory tax distributions" provisionPicking the best §704(c) allocation method for your clientComputing bonus depreciation on partnership step-ups under §743Qualifying for a §199A deduction when your client sells their partnership interest
Learning Objectives
- Recognize how to protect your clients from phantom income based upon a mandatory tax distributions provision
- Identify which income qualifies for the §199A QBID when selling a partnership interest
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
