Description

This program focuses on two parts of Subchapter K, partnership distributions and sales of partnership interests – topics that accounting and finance professionals are often asked about by clients.

Accounting and finance professionals are called upon to advise both the partnership which makes distributions and the partners receiving the distributions regarding the tax consequences of these transactions. Additionally, accounting and finance professionals will be deeply involved in decisions regarding the sale and purchase of a partnership interest. These topics are thoroughly covered in this program.

The presenters also discuss several types of partnership distributions and the tax rules relating to them, as well as analyze the tax rules relating to the sale of a partnership interest. Accounting and finance professionals will be given an in-depth analysis of these complex topics, so that they can effectively answer their clients’ questions.

Instructor: Mike Tucker, Ph.D., LL.M., J.D., CPA

Target Audience

Accounting and finance professionals seeking to gain a deeper understanding of partnership distributions/sales

Course Objectives

Be familiar with the complex issues related to partnership distributions and sales

Advise individual and business clients regarding these practice issues

Subjects

Types of partnership distributions

Liquidating partnership distributions

Basis of property distributed by a partnership

Special basis adjustments under Section 732(d)

Abandoned and worthless partnership interests

Section 751(a) exchange

Transactions between partners and their partnerships

Disguised sales

Section 736(a) and (b) payments

Prerequisites

Basic understanding of individual and business taxation