Course Quick Facts

This course is for tax practitioners who are looking to improve their knowledge of distributions and how they affect a partner’s tax basis.

  • Course Length: Approximately 1 hour and 15 minutes

  • Field(s) of Study:

  • Taxation (2.0 CPE credits)

  • Characteristics and Income Taxation of Business Entities (1.5 CFP CE credits)

  • Federal Tax (2.0 IRS EA CE credits)

  • Course Level: Intermediate

  • Prerequisites: Working knowledge of fundamental partnership tax concepts

  • Delivery Method: Video Self-Study (QAS)

What We'll Cover...

As a practitioner, you know that sometimes small business owners make little distinction between their own pocketbook and the company’s pocketbook. For this reason, distributions from smaller partnerships can be frequent. It is important for us, as their advisors, to know what the tax impact is for these distributions – which ones will be fine, and which ones may cause a problem. Through easy to follow examples, we will talk about distributions front to back. We will discuss the different types of distributions, as well as cash, property, and hybrid distributions – when you have a little bit of both!

  • List the key rules of the thumb to remember when dealing with distributions

  • State the ordering rules for calculating a partner’s tax basis

  • Describe the key differences between liquidating and non-liquidating distributions

  • Determine any applicable tax gains and losses of cash and property distributions

  • State the ordering rules for hybrid distributions that involve both cash and property

  • Calculate the resulting Inside Basis, Outside Basis, and IRC 704(b) Basis after both liquidating and non-liquidating distributions

Instructor

CPA, CPCU, MST, MBA

David Peters

David Peters is the Founder and Owner of Peters Tax Preparation & Consulting in Richmond, VA. He has over fourteen years of experience in financial services, including 3 years in the hedge fund industry and six years in the insurance industry. David was the first-ever Chief Financial Officer at Compare.com - a position he held for over three years. He is a national CPE Instructor/Discussion Leader for the AICPA, Surgent, and Kaplan. He regularly teaches courses in accounting, finance, insurance, and ethics throughout the United States. He holds four Masters degrees. He contributes regularly to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures. He was also a co-author of the 2018 Virginia CPA Ethics course – a required course for all CPA’s licensed in the Commonwealth of Virginia.

Course curriculum

  • 1

    Introduction

  • 2

    Downloads

    • Downloads

  • 3

    Lecture

    • General Rules on Distributions

  • 4

    Participation

    • Knowledge Check 1

  • 5

    Lecture

    • Calculation of Partnership Basis

  • 6

    Participation

    • Knowledge Check 2

  • 7

    Lecture

    • Non-Liquidating Distributions - Applicable IRC Code Sections & Examples

  • 8

    Participation

    • Knowledge Check 3

  • 9

    Lecture

    • Distributions of Cash & Property

  • 10

    Participation

    • Knowledge Check 4

  • 11

    Lecture

    • Liquidating Distributions - Applicable IRC Code Sections

  • 12

    Participation

    • Knowledge Check 5

  • 13

    Lecture

    • Liquidating Distributions - Examples

  • 14

    Participation

    • Knowledge Check 6

  • 15

    Lecture

    • Review Questions & Summary

  • 16

    Evaluation

    • Final Evaluation

  • 17

    Feedback

    • Final Steps to Receive CE Credit(s)...

    • CE Credit Information

    • Student Feedback

    • Thank You!

Single Course Price

Financial and Investment Advisory services offered through CFO Capital Management. Brokerage and Custodial Services offered through TD Ameritrade Institutional, member FINRA and SIPC. CFO-CM and TDA are not affiliated.  Tax services are provided by Peters Tax Preparation & Consulting, PC and are not provided by CFO Capital Management.


David Peters Financial

Mail to: 8005-C, #129, Creighton Pkwy #129, Mechanicsville, VA 23111

1657 West Broad Street, #5, Richmond, VA 23220