Course ID: FPT

Fundamentals of Partnership Taxation

This course provides a thorough review of the partnership and LLC tax rules. Learn the advantages and disadvantages of this entity type as well as formation rules, computation of income and flow-through rules, use and limitations of losses, guaranteed payments, computation of partner’s basis, and the tax effects of distributions. The course includes practical application, problem solving, and discussion of planning opportunities.

In-person and live webcast CPE credit: up to 8.0

Learning Objectives

After completing this course, you will be able to:

Recall the check-the-box regulations to determine if an entity is taxed as a partnership.
Estimate the tax consequences of partnership formations.
Estimate the adjustment to partner’s bases for partnership debt.
Estimate the ordinary business income or loss and separately stated items for a partnership.
Indicate the tax effects of guaranteed payments
Identify the partner’s share of partnership losses that can be currently deducted and that is suspended under the basis, at-risk, and passive loss rules.
Identify the required tax year for partnerships and other optional tax years.
Recall the related-party rules to partnership transactions.

Major Topics

Check-the-box regulations
Taxation of partnership formations
Partner basis
Taxation of Partnership income and guaranteed payments
Use of partnership losses
Permitted tax years for partnerships
Related-party rules

Who Should Attend

This course is designed for entry level tax practitioners and any tax practitioner who works with partnership and LLC taxation.

Fields of Study

Taxes

Prerequisites

None

Provider

Business Learning Institute

CPE Credits

8.0

Level

Basic

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