1065 Preparation and Planning 5: Special Situations and Planning (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 last in the series, reviews the principles of partnership income tax preparation. This course addresses special situations and planning related to Form 1065.

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

Publication Date: November 2017

Designed For
Tax practitioners.

Topics Covered

  • Additional Medicare taxes
  • Partnership distributions
  • Terminations of partnerships
  • Sale of a partnership or LLC interest
  • Partnership mergers
  • Retirement of a partner
  • Death of a partner

Learning Objectives

  • Identify when partners are subject to the additional Medicare taxes on earned income and net investment income
  • Explain different treatments for current and liquidating distributions
  • Determine the tax impact of a termination
  • Explain the impact of a sale of a partnership interest
  • Illustrate the impact of a merger of partnerships
  • Recognize the impact of retirement and death on the partnership and the departing partner

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
1065 Preparation and Planning 3: Schedules and Completing the Return or equivalent knowledge

Advance Preparation
None

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