Description:

This book is for preparing 2023 taxes. Partnership taxation is a complicated subject. There are several different types of partnerships, including limited liability companies (LLCs), which may affect how partners are taxed. In addition, various elections may be made at the partnership level, which serve as valuable planning tools. This course furthers the knowledge of tax professionals who already have a basic understanding of partnership taxation by analyzing the partners’ capital accounts and the tax rules for allocating income and loss, including special allocations when partners contribute built-in gain property. It also covers sales and exchanges of partnership interests and the resulting tax consequences, including the tax effects of the §754 election and any hot assets, how to make allocations when a partner’s interest in the partnership changes, and the tax treatment when a single-member LLC becomes a multi-member LLC or vice versa.

• Analyzing different types of partnerships
• Maintaining tax basis capital accounts for partners
• Summarizing the tax rules for allocating income or loss, including special allocations
• Recognizing various types of guaranteed payments and their reporting requirements
• Calculating and reporting basis adjustments for §754 elections
• Identifying disguised sales and explaining the disclosure requirements for certain transfers
• Summarizing the tax consequences when a change in partners occurs
• Identifying hot assets and explaining how they affect certain transactions

Product Details:

Item Number: 23310

Level: Intermediate

Authors: NATP Staff

Published: 2023

Format: Print - 196 pages

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Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2023 course.