22WC-1104: Partnership Taxation: Comprehensive: Form 1065 (Webinar)

If you have questions about this event, please call us at 952-831-2707.

Description

Who should take this program?

Tax professionals.

Major subjects

• Special allocations
• Targeted allocations
• Proper calculation of outside and inside tax basis
• Tax consequences of distributions
• Impact of "hot assets" on distributions
• Transfer of partnership interests
• Issuance of partnership interests to service partners

Learning objective(s)

• Learn about all of the tax issues surrounding the formation of a partnership.
• Understand how to allocate income and loss under various methods including targeted allocations and the proper use of the threeSection 704(c) allocation methods.
• Learn how to properly prepare theSection 704(b) book capital accounts.
• Reporting recourse and non-recourse debt on the Schedule K-1.
• Learn how to allocate minimum gain allocation amounts.
• Learn how operating and liquidating distributions are taxed.
• Determine how to properly calculate the income tax on the sale of a partnership interest.
• Learn about the tax impact of the distribution of cash and non-cash assets for both proportionate and disproportionate distributions.
• Determine the impact of the rules regarding the net investment income tax, qualified business income tax deduction, and excess business interest expense deduction on a partnership.
• Learn about the new centralized partnership audit regime.