Overview

4.0 Credits
ONLINE

Discuss the common errors practitioners make on partnership tax returns that are often missed by review staff. The intent is to sharpen reviewer skills by examining case studies and discussing issues where additional information from the client may be warranted and areas of tax law where proper treatment requires further analysis and information. Multiple topics will be addressed, including income, deductions and K-1 reporting.

Objectives

  • Identify the mechanics of a partnership's tax return, including partner capital account calculations and permissible tax years.
  • Determine the proper allocation of recourse liabilities among partners.
  • Analyze the consequences of a new partner joining a partnership.
  • Determine depreciation expense among the contributing and noncontributing partners under Section 704(c).
  • Determine the value of assets with nonrecourse liabilities.

 

Major Topics

• Form 1065
• Schedules Kand K-1
• Schedules M-1 and M-2
• Calculating recourse and nonrecourse liabilities
• Partner inside and outside basis
• Partner's capital account analysis
• Sections 704(b), 704(c), 721, 722, 732(b), 734(b), 737, 743(b)

 

Prerequisite

Basic knowledge of partnership taxation

Sessions

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Thursday, November 13, 2025

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