Vermont Society of Certified Public Accountants
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Surgent's A Complete Guide to Taxation of Partnership Sales, Distributions, and Liquidations On-Demand Webcast

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Member Price: $75.00
Non-Member Price: $120.00

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Developer:
SURGENT MCCOY SELF-STUDY CPE, LLC
CPE Credits:
Taxes: 3.00
Fields of Study:
Taxes
Level:
Intermediate
This program explores the often-complex tax rules dealing with three commonly encountered partnership events: distributions to owners, sale of the partnership, or liquidation of the partnership. Tax practitioners should understand the rules that apply in these circumstances to minimize their clients' tax liability and ensure their clients are in compliance with applicable tax rules.

Objective

  • Recognize the tax consequences of the sale of partnership interest, a distribution of money and/or noncash property by a partnership and the consequences of a liquidating and non-liquidating partnership distribution

Highlights

  • Taxability of cash and property distributions made by a partnership to a partner
  • Consequences of a Section 754 election in the context of sale of a partnership interest
  • Taxability and character of gain or loss when an interest in a partnership is sold
  • Calculating a partner’s basis to determine if a partner has a gain or loss on distribution
  • Impact of Section 704(c) on contribution of appreciated or depreciated property to a partnership
  • When a loss can be recognized on a partnership distribution
  • Differences between liquidating and nonliquidating partnership distributions
  • Tax consequences of a partnership liquidating distribution

Designed For

Tax preparers dealing with partnership income tax returns for 2020

Prerequisite

Familiarity with partner/partnership tax rules

Advanced Preparation

None
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