Description:

This book is for preparing 2023 taxes. This is perfect for tax professionals who want to begin learning how to prepare Form 1065, U.S. Return of Partnership Income. Not only does this course cover the basics of partnership taxation, but 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 leave with an understanding of the tax consequences of distributions from a partnership.

Topics include:

• Summarizing 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
• Summarizing how to report guaranteed payments, fringe benefits and separately stated items for partners
• Recognizing 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:

Item Number: 23329

Level: Basic

Authors: NATP Staff

Published: 2023

Format: Print

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Corresponding CPE Courses:

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