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. Partnership Challenges Before and After the Creation of §199A Qualified Business Income - Part 2 | On-Demand

Course Price: $89.00
CPE Credits
2
Advanced Preparation
None, but recommend Part 1 of this series on Partnerships
Course Level
Intermediate
Prerequisite
Knowledge of Federal Tax Law
IRS CPE
2
NASBA CPE
2
CTEC CPE
Credits not offered
Author
Paul La Monaca CPA, MST
Course Description

This course introduces Tax Professionals to the Federal Tax Issues of operating a small business as a Partnership. The course reviews the challenges and flexibility of Subchapter K of the Internal Revenue Code. It discusses that the creation of a Partnership is a non-taxable event to both the partnership and the partners under the general rules of §721. In addition it discusses the exceptions to the general rule. The course discusses the concept of substituted basis for the investing parties and the carryover basis for the partnership. The course discusses the reporting requirements for Form 1065. The course will review the partner's basis in the partnership interest, distributive share of partnership profit and losses and the impact of entity debt on the individual partner. The presentation also reviews the benefits to the partner upon liquidation of the partnership interest.

Learning Objectives

At the completion of the session, participants will better understand the challenges, the benefits and burdens of partnership taxation and will be better equipped to assist clients in planning and their reporting responsibilities. It will also allow the participant to understand the usage of entity debt and loss limitations for the individual partner.

FAQ

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Your registration confirmation will be emailed to you when your payment is processed. During our busy season, this can take up to 2-3 business days after we receive your registration.

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Your certificate will be emailed to you within 10 business days of the completion of the course.

Administration: On-Demand
On-Demand Refunds
  • Once your registration confirmation is emailed, due to the proprietary materials and content of On-Demand orders are NOT ELIGIBLE for refund, cancellation, or transfer to another NSTP course.
On-Demand Disclaimer
  • On-Demand materials and On-Demand presentations are intended to stimulate thought and discussion and to provide attendees useful ideas and guidance in the areas of federal taxation and administration. These materials as well as the comments of the instructors do not constitute and should not be treated as tax advice regarding the use of any tax procedure, tax planning technique, device or suggestion, or any of the tax consequences associated with them.
  • Although the NSTP has made every effort to ensure the accuracy of the materials and the seminar presentation, neither the author, the presenter nor the National Society of Tax Professionals assumes any responsibility for any individual’s reliance on the written or oral information presented during the presentation. Each attendee should verify independently all statements made in the materials, and during the seminar presentation, before applying them to a particular fact pattern and should determine independently the tax and other consequences of using any device, technique, or suggestion before recommending the same to a client or implementing the same on behalf of a client, or on the attendee’s own behalf.
  • On-Demand materials & presentations are fully protected under copyright law. Any attempt to copy for resale, distribution, or use other than personal use for tax preparation will be fully prosecuted of the law.
Testing Policy
  • On-Demand require a test for CPE. 3 attempts are allowed.
  • You have 1 (one) year from date of purchase to complete the On-Demand course by taking the test.
More Information For more information regarding refund, cancellation, and complaint policies, please contact our offices at 1(800) 367-8130.