Description:

Partnership taxation can be a complicated subject and there are multiple types of operation, including limited partnerships, limited liability companies or general partnerships. The type of business operation can alter a partner’s taxation. In addition, there are various elections made at the partnership level that serve as planning tools. This textbook furthers the knowledge of tax professionals who already have a basic understanding of partnership taxation.

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Topics include:

• Understanding the different types of partnerships
• Recognizing tax basis partner capital accounts
• Identifying limited partners for purposes of self-employment tax
• The important tax rules regarding special allocations for partnerships
• Summarizing important rules regarding guaranteed payments
• Identifying when a §754 election can be performed
• Calculating basis adjustments required by a §754 election
• Preparing Form 8308, Report of a Sale or Exchange of Certain Partnership Interests
• Identifying disguised sales
• Preparing Form 1065 when one partner leaves a two-partner partnership
• Preparing Form 1065 when a partner terminates an interest

Product Details:

Level: Intermediate

Authors: NATP Staff

Published: 2021

Format: Print - 198 Pages

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