2017 Fall Tax School Webinar: Partnership Issues - University of Illinois Tax School
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Scroll down for webinar details! 2017 Fall Tax School Webinar: Partnership Issues

Note: The content covered in this live webinar is the same content that is taught at Fall Tax School.

When two or more persons agree to engage in a common business activity, is this arrangement considered a partnership? Are all such types of arrangements required to file a Form 1065? You may be surprised. Tax professionals who prepare returns for a group of clients who engage in a common business activity may actually be dealing with a partnership, even though a written or verbal agreement is nonexistent. If it walks like a duck (partnership) and quacks like a duck (partnership)... it's a duck (partnership). This webinar provides essential information to help tax professional understand the intricacies of partnership tax aspects from computing capital accounts, dealing with the impact of partnership liabilities and the benefits of making a §754 election, reporting and taxing distributions, to dealing with the disposition of a partnership interest.

Note: New for 2017, you will access all webinars and digital downloads by logging into your Tax School account on this website.

Other Tax School webinars

Fall Tax School webinars feature audio instruction, plus a powerpoint presentation. Each course includes a set of materials that accompany the course presentation.

Dates:

  • Tuesday, December 12, 2017 from 1:00PM to 2:30PM Central Time
  • Thursday, January 11, 2018 from 10:00AM to 11:30AM Central Time

Registration Fee: $40.00

CPE Credits: Up to 1.5 (1.0 for IRS purposes and 1.25 for IL MCLE) based on attendance and completion of engagement activities.

CPE Filings Available: Illinois MCLE, CFP, IRS

Tom O'Saben Tom O'Saben has been an instructor for the Tax School since 2009. During that time, he has also been a presenter with the National Association of Tax Professionals, where he served as a Training Specialist developing curriculum, writing textbooks, and instructing at educational seminars. Tom's practice, established in 1991, provides tax services for approximately 1,000 clients. Tom earned his bachelor's degree from Southern Illinois University Edwardsville. He is an enrolled agent (EA).

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Please test your computer system using the instructions below before the webinar. If you fail to test your system in advance and experience problems, you may not be able to participate in the webinar. We cannot provide refunds because you experience technical problems the day of the webinar. When testing, use the computer you plan to use for participating in the webinar.

NOTE: We recommend using a desktop or laptop computer to attend the webinar rather than a tablet or mobile phone.

  • Make sure that the computer that you will use for the webinar is connected to the Internet with a broadband connection.
  • Make sure that you have functioning speakers or headset to take full advantage of the audio capabilities during the session (all instruction is provided vocally). If you don't want to use your computer speakers or headset, there is phone audio available. The dial-in number, Conference ID, and User ID for phone audio will be given to you once you enter the webinar session.

Testing Instructions

This test should take less than 5 minutes to complete.

On the computer you will be using for the webinar, go to the following web page:

www.webinato.com/conftest/

When the page loads, it will walk you through various tests. You will not need a webcam or microphone for the webinar.

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If your technical problems cannot be resolved, please call the Tax School office at 217-333-0502 for options regarding webinar attendance.

Note: New for 2017, you will access all webinars and digital downloads by logging into your Tax School account on this website.

Note: The content covered in this live webinar is the same content that is taught at Fall Tax School.

  1. What is a partnership?
  2. Electing out of subchapter K
  3. Capital accounts

    1. Computing capital accounts
    2. Distributions
    3. Guaranteed payments
  4. Partnership liabilities

    1. Recourse liabilities
    2. IRC §754 election
  5. Allocations
  6. Distributions, dispositions and terminations

    1. Taxability of distributions
    2. Hot assets
    3. Reporting sale/exchange of §751 property on Form 8308

Learning Objectives: By attending this webinar, you will be able to:

  1. Advise clients about tax benefits associated with choosing a partnership entity form
  2. Compute capital accounts correctly on Schedule K-1 (Form 1065)
  3. Report tax on guaranteed payments properly
  4. Distinguish between recourse and nonrecourse loans
  5. Explain the benefits of making an IRC §754 election
  6. Explain when distributions may be taxable
  7. Identify which property is considered a "hot asset"
  8. Decide when to report a sale of a partnership interest on Form 8308
CPE credits Up to 1.5 based on attendance and completion of engagement activities
Field of Study (NASBA) Taxes (1.5)
IRS Categories Federal Tax (1)
CFP Taxation (1.5)
IL Insurance N/A
IL MCLE Taxation (1.25)

Please see our CPE FAQ for more information.


Delivery Method: Internet-Based Group

Program Level: Overview

Prerequisite(s): Professional experience in preparing tax returns and an understanding of basic tax rules and regulations.

Materials: Will be available in your Tax School account one week prior to the webinar.

Note: New for 2017, you will access all webinars and digital downloads by logging into your Tax School account on this website.

Last updated 10/18/2017 12:52:07 PM

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