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Basics of Partnership Taxation


The number of partnership returns processed by the IRS grew by 85% between 2000 and 2019. This increase means that many tax preparers may have not historically prepared these returns but are finding themselves with more clients needing their preparation. This self-study course is designed to outline the basics of preparing partnership returns, to prepare you for such returns that end up on your desk.

This includes a discussion of the nature and creation of partnerships; types of partnerships, their default rules, and what’s included in a partnership agreement. We discuss when partners can elect out of subchapter K  treatment for their partnerships, and what effects this may have. This course then spends significant time discussing capital accounts, adjustments for transfers of partnership interests, and the tax consequences of property contributions to a partnership. Partner tax basis is included in the presentation as well.

Course published October 2023

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