EA Exam Prep Part 2: Partnerships In and Out (Currently Unavailable)
Author: Eva Rosenberg
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Law for CTEC |
This is the eighth class of the EA Exam Prep Part 2 series. Partnership transactions can be complicated. But with TaxMama®, you’ll always have an “in” to the information you need. Cover everything from getting started in a partnership to getting out of one. Learn the pitfalls of some partnership agreements. Find out the importance of basis, both for the partner and partnership. Discover disguised sales, what to do about basis, and more.
Publication Date: August 2019
Designed For
Tax practitioners of all levels, regardless of experience, who want to learn about income tax preparation and more. Excellent training for staff working in tax offices, accounting practices, and corporate settings, as well as independent bookkeepers. This course provides an in-depth look at getting in and out of partnerships. It is especially helpful to those with no hands-on experience preparing tax returns – and those who are returning to tax preparation after years in corporate or other jobs. This course is also designed to help CPAs earn their Enrolled Agent credential so they can practice anywhere in the country without re-certifying.
Topics Covered
- Legal ways to form a partnership
- Partnership agreements
- Termination of a partnership
- Unreimbursed partnership expenses
- Distributions to partners
- Disguised transactions
- Partner's gains or losses
- Unrecognized gain
- Marketable securities transactions between partners and the partnership
- Losses on distributions
- Distribution of a partner's debt
- Abandonment of a partnership interest
- Pre-Contribution gains
- Complete liquidations
- Basis of property distributed
- Allocating an increase or decrease in basis
- Special adjustments to basis
- Mandatory adjustments
- Required statements
- Required statements
- Section 199A rules for Schedule K-1
- Reporting partnership income
- Separately and nonseparately stated items
- Losses on sales or exchanges of property
- Gains on sales or exchanges of property
- Contributions of property
- Disguised sales
- Form 8275
Learning Objectives
- Describe the partnership agreement
- Differentiate between partnership income vs. partnership distributions
- Recognize how to allocate basis to distributed property
- Identify steps to take when a partnership is dissolved
- Identify partner's gains and losses
- Recognize how to compute gains and losses on sales or exchanges of property
- Recognize when a mandatory adjustment to basis must be made
- Identify reporting requirements
- Identify how to compute partner basis
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
