2020-07: Understanding Partnership Taxation–Distributions
Video Self-Study (QAS)
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)
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
David Peters
Course Overview & Instructions
FREE PREVIEWAbout Your Instructor
How To Use The Course Interface
Downloads
General Rules on Distributions
Knowledge Check 1
Calculation of Partnership Basis
Knowledge Check 2
Non-Liquidating Distributions - Applicable IRC Code Sections & Examples
Knowledge Check 3
Distributions of Cash & Property
Knowledge Check 4
Liquidating Distributions - Applicable IRC Code Sections
Knowledge Check 5
Liquidating Distributions - Examples
Knowledge Check 6
Review Questions & Summary
Final Evaluation
Final Steps to Receive CE Credit(s)...
CE Credit Information
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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
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