1065 Preparation and Planning 2: Income and Deductions (2018 Edition) (Currently Unavailable)

Author: Barbara Weltman, Sidney Kess

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

This course, the second in the series, reviews the principles of partnership income tax preparation. This course covers the reporting of trade and business income and deductions on Form 1065.

This course reflects the tax law before the enactment of TCJA.

Publication Date: November 2017

Designed For
Tax practitioners.

Topics Covered

  • Completing the income section of Form 1065, which reflects trade or business income
  • Ordinary business income
  • Cost of goods sold
  • Form 1125-A
  • Form 4797
  • Completing the deductions section of Form 1065

Learning Objectives

  • Compute the cost of goods sold
  • Report income from sales of business property
  • Identify other income included in trade or business income
  • Enter deductions on Form 1065 in the space provided
  • Determine the types of other deductions taken into account in figuring trade or business income

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
1065 Preparation and Planning 1: Tax Fundamentals or equivalent knowledge.

Advance Preparation
None

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