EA Exam Prep Part 2: Partnerships (Currently Unavailable)
Author: Eva Rosenberg
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Law for CTEC |
This is the seventh class of the EA Exam Prep Part 2 series. What is a partnership? Are husbands and wives in business together automatically partners? If you have questions about partnerships, and even if you don’t, join TaxMama® for an extensive overview of the basics of partnerships. Find out the importance of a partner’s basis. Learn when entities automatically default to a partnership. Discover which entities are not eligible to be partnerships, and more.
Publication Date: August 2019
Topics Covered
- Making the partnership election
- Default partnerships
- Partnership representatives
- Partner's basis
- Entities not eligible to be partnerships
- LLCs as partnerships
- Form 8832
- Spouses as employees of partnerships
- Qualified Joint Ventures
- Reasons to opt out of a partnership election
- Termination of a partnership
- Converting a partnership to an LLC
- Guaranteed payments
- Health insurance premiums for partners
- Family partnerships
- Capital
- Partnerships and estates
- Partnership distributions
- Sales and exchanges
Learning Objectives
- Recognize which entities qualify to make the partnership election
- Identify family entities
- Recognize the importance of guaranteed payments
- Identify entities that should consider opting out of a partnership election
- Identify how to complete Form 8832
- Describe partner basis
- Identify when a partner distribution is a sale or exchange
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
