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Partnerships: Filling in the Knowledge Gaps

In the past couple of years, the IRS added new line items on Form 1065 and Schedule K-1 that raise several questions. For example, can or should the partnership elect out of the centralized partnership audit regime? If they don’t make the election, what does that mean? What is 704(c) gain or (loss)? Why doesn't the partner’s basis in the partnership equal their capital account? In this session, we’ll cover these concepts and more to fill in the gaps with respect to partnerships.

Objectives

Upon completion of the session, the learner will be able to:

• Summarize the tax implications of the centralized partnership audit regime
• Identify built-in gain property under 704(c) and recognize the potential tax effects
• Allocate partnership liabilities
• Compare and contrast the partner’s tax basis capital account with their basis in the partnership
• Summarize the rules for making a 754 election and the resulting tax consequences

Details

Melinda Garvin, EA

Instructor:

Level:

Intermediate

Prerequisites:

Basic understanding of partnership taxation

Advanced Preparation:

None

Delivery Method: 

Group Live

CPE credits     Designation     Field of study

IRS

2

AFSP

Federal Tax Law Topic

IRS

2

EA

Federal Tax Law Topic

NASBA

2

CPA

Taxes

CTEC

2

CRTP

Federal Tax Law Topic

CFP Board

0

CFP®

No

How to Earn CPE

Sessions are first come, first served. Registration is not required for individual sessions. To earn CPE, scan your badge on your way into each session. You do not need to scan on your way out. CPAs will receive an additional form at registration to self-report their time out. We strictly abide by the IRS’ CPE rules and turn badge scanners off ten minutes after each session begins. We cannot award CPE if your badge isn’t scanned.