Tax Strategies for Partnerships Part 1: Formation, Purchase, and Sales of Partnership Interests (Currently Unavailable)

Author: Greg White

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

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2025 to receive credits

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.

Publication Date: May 2022

Topics Covered

  • What business arrangements constitute a partnership for federal tax purposes
    • And why is it crucial to understand this
    • Partnership basis rules
      • Using the "liability netting" rules to avoid gain on the formation of a new partnership
      • Reduce the chances that your client will end up with "phantom income"
        • Considerations in structuring a "mandatory tax distributions" provision
        • Picking the best §704(c) allocation method for your client
        • Computing bonus depreciation on partnership step-ups under §743
        • Qualifying 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
        • Differentiate court cases and how they apply
        • Identify the late filing penalty per partner per month
        • Describe the precentage of parternships that are in real estate
        • Recognize which type of income arises when the taxpayer has income tax but little to no cash to pay the tax
        • Identify the approximate cost referenced for a "questionnaire" cost segregation study

        Level
        Basic

        Instructional Method
        Self-Study

        NASBA Field of Study
        Taxes (2 hours)

        Program Prerequisites
        None

        Advance Preparation
        None

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