Comprehensive Partnership Taxation Form 1065 WEBCAST
Overview
Taxation of partnerships continues to become more complex every year. This course highlights the significant areas of concern for tax advisors and their clients in compliance and planning for partnership operations, distributions and transactions. Topics covered include unique and targeted allocations, proper calculation of outside and inside tax basis, tax consequences of distributions, the impact of “hot assets” on distributions, transfer of partnership interests, and issuance of partnership interests to service partners. This course will also help you add immediate value to your partnership clients by correctly calculating and reporting critical partnership tax items that generate most IRS audit adjustments.
Highlights
Special and targeted allocations. Proper calculation of outside and inside tax basis. Tax consequences of distributions including the impact of “hot assets”. Transfer of partnership interests. Issuance of partnership interests to service partners.
Prerequisites
Some knowledge in partnership taxation.
Designed For
Tax professionals, CPAs, accountants, and other financial professionals looking to expand and update their understanding and knowledge.
Objectives
Recognize the issues surrounding the formation and operations of a federally taxed partnership. Understand how to allocate income and loss under various methods, including targeted allocations, the proper use of the three Section704(c) allocation methods, and how to maintain the Section704(b) book capital accounts. Calculate partnership tax reporting items, including recourse and non-recourse debt on the Schedule K-1, allocating minimum gain allocation amounts, and gain potential attributable to operating and liquidating distributions. Determine how to properly calculate the income tax on the sale of a partnership interest as well as the tax impact of the distribution of cash and non-cash assets for both proportionate and disproportionate distributions.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Troy Lewis, California CPA Education Foundation
“Troy Lewis is the Past Chair of the Tax Executive Committee of the American Institute of CPAs (AICPA) in Washington, DC. In this role, he has testified six times before the United States Senate Finance Committee and the House Committee on Small Business. Mr. Lewis has been active with the AICPA and the Utah Association of CPAs, for over two decades serving in key leadership positions including the President of the UACPA. Mr. Lewis currently teaches accounting and tax at Brigham Young University in Provo, Utah. He is in practice as a Manager/Member at Lewis & Associates, CPAs, LLC in Draper, Utah. He also worked in public accounting at Arthur Andersen and for a community bank in St. George, Utah. He obtained his Masters of Accountancy and Bachelors of Science in Accountancy from Brigham Young University. He is also a Certified Public Accountant (CPA) and a Chartered Global Management Accountant (CGMA).”
Non-Member Price $399.00
Member Price $299.00