Surgent's A Complete Guide to Taxation of Partnership Sales, Distributions, and Liquidations On-Demand Webcast

Course Details

Date

Self-Study

Location

Online

Field of Study

Taxation

CPE Credit

3 hours CPE credit

Level of Knowledge

Intermediate

Vendor

Surgent McCoy CPE, LLC

Prerequisites

Familiarity with partner/partnership tax rules

Description

This program explores the often-complex tax rules dealing with three commonly encountered partnership events: distributions to owners, sale of the partnership, or liquidation of the partnership. Tax practitioners should understand the rules that apply in these circumstances to minimize their clients' tax liability and ensure their clients are in compliance with applicable tax rules.

Highlights

  • Taxability of cash and property distributions made by a partnership to a partner
  • Consequences of a Section 754 election in the context of sale of a partnership interest
  • Taxability and character of gain or loss when an interest in a partnership is sold
  • Calculating a partner’s basis to determine if a partner has a gain or loss on distribution
  • Impact of Section 704(c) on contribution of appreciated or depreciated property to a partnership
  • When a loss can be recognized on a partnership distribution
  • Differences between liquidating and nonliquidating partnership distributions
  • Tax consequences of a partnership liquidating distribution

Objectives

  • Recognize the tax consequences of the sale of partnership interest, a distribution of money and/or noncash property by a partnership and the consequences of a liquidating and non-liquidating partnership distribution

Designed For

Tax preparers dealing with partnership income tax returns for 2020

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