Take a deep dive in the advanced concepts of partnership taxation in order to provide your clients with valuable advice and tax planning strategies, updated with the most recent legislation and IRS guidance affecting partnerships and LLCs.
Learn more about capital account reporting, special allocations, liquidating and non-liquidating distributions, property basis calculations under various scenarios, and sales of a partnership interest.
Provide practical tips on tax capital account reporting required under Notice 2020-43 (if required for 2020 returns)
Consider the tax consequences to a partner/member for distributions
Discuss the tax consequences associated with the sale of a partner’s or member’s interest in a partnership/LLC
Calculate the gain that can result when a partner joins a partnership