Comprehensive Partnership Taxation Form 1065 2024

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  • Date/Time
    • Jan 13, 2025
    • Sign In: 8:30am (MT)
    • Program: 9:00am - 4:30pm (MT)
    • Add to Calendar
  • Location
    • Your Computer
      Your Space
      ISCPA / CalCPE Webinar, ID 00000
  • Credits
    • 8.00
  • Credit Type(s)
    • Taxes (Technical) (8.00)
  • Prerequisites
    • Some knowledge in partnership taxation.

  • Vendor
    • California CPA Education Foundation
  • Level
    • Intermediate
  • Fields of Study
    • Taxes

Description

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.

  • Presenters - Troy K. Lewis
  • Designed For

    Designed For: Tax professionals, CPAs, accountants, and other financial professionals looking to expand and update their understanding and knowledge.
  • Role Level - Entry-level/Individual contributor; Manager/Senior Manager; Director; Sole Practitioner
  • 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 704(c) allocation methods, and how to maintain the 704(b) book capital accounts
    • Calculate partnership tax r eporting 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

    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

    Advanced Prep

    None

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    Leaders

    CALCPE Panel

    No Biography Available

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