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Preparing Partnership Returns Textbook (2021) - #21329

Preparing Partnership Returns Textbook (2021) - #21329

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This textbook is perfect for tax professionals who want to begin learning how to prepare Form 1065, U.S. Return of Partnership Income. Not only does it cover the basics of partnership taxation, it also covers the step-by-step process of completing a partnership return and the accompanying schedules, tracking the partner’s basis, and finishes with a comprehensive case study. You'll gain an understanding of the tax consequences of distributions from a partnership.

Table of Contents.

Topics include:

  • The advantages and disadvantages of forming a partnership
  • The tax consequences of forming a partnership, including contributions of property or services
  • Analyzing a partnership agreement and profit/loss allocations
  • Choosing a tax year and accounting method for the partnership
  • Preparing a basic Form 1065, including Schedules K, K-1, L, M-1 and M-2
  • How to report guaranteed payments, fringe benefits and separately stated items for partners
  • Computing the partner’s net earnings (loss) from self-employment
  • The reporting requirements for the qualified business income deduction
  • Analyzing the §179 rules for partnerships
  • Items that increase or decrease a partner’s basis in the partnership
  • Identifying which liabilities increase a partner’s at-risk basis
  • Analyzing the tax consequences of distributions from a partnership

Product Details:

Level: Basic

Authors: NATP Staff

Published: 2021

Format: Print - 240 Pages

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