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Smithgambrellrussell

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Smith partnershiptax

PARTNERSHIP TAX: ALLOCATIONS, CAPITAL ACCOUNTS, REPORTING AND COMPLIANCE

Cost Free
CPE Credits 1.0 hour
Subject Area 1.0 - Taxes (Federal Tax)
CE Credits 1.0 hour
Course Id# - HURS9-T-00018-15-O
Course Level Intermediate
Instructional Method Group Internet Based
Prerequisites Basic knowledge of taxation
Advanced Preparation None
Course Description

This webinar will address how to comply with income tax reporting requirements for partnerships and partners, and how to use partnerships to satisfy clients’ objectives while complying with complex income tax requirements. Topics will include identifying partners and partnerships (including limited liability companies) for tax purposes; forming partnerships without triggering taxable gain or loss; allocating among partners tax items generally, built-in gain and built-in loss attributable to contributed property, and partnership liabilities; consequences of partnerships distributing cash and other property to partners generally and under the “disguised sale” rules; maintaining, adjusting, and distinguishing capital accounts and tax basis; computing partnership tax results and reporting them to partners; and alternative ways of a partner’s leaving a partnership and their tax consequences.

Learning Objectives

  • How to distinguish partnerships from other entities

  • How partners and partnerships are taxed

  • How to allocate taxable items and partnership liabilities among partners

  • How a partnership computes taxable income or loss and which items a partnership must “separately state” to partners

  • Tax consequences of selling a partnership interest or being redeemed by a partnership

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Smithgambrellrussell

Joe’s practice focuses on corporate, tax and finance. He is involved with a wide variety of businesses and transactions, and has extensive experience in - Structuring M&A transactions, from both the buyer and seller sides; - Negotiating executive compensation arrangements (qualified and non-qualified); workouts, restructurings and bankruptcy; corporate transactions; partnerships and LLCs; financial products; - Tax aspects of real estate development, property finance, and like-kind exchanges; international transactions (both inbound and outbound); and - Tax-exempt organizations (including healthcare, advocacy and religious organizations). In addition to transactional work, Joe represents clients in tax controversy work, including audits, appeals, National Office submissions, and regulatory hearings, as well as Tax Court and District Court litigation Joe is a frequent writer and speaker on a variety of business, tax and finance topics. He has published almost 100 articles in journals or in-house newsletters, and has participated in over 60 presentations or seminars. His articles have appeared in the National Law Journal, Mergers & Acquisitions magazine, Tax Notes Today, the Journal of Real Estate Taxation, the Journal of S Corporation Taxation, the Journal of Multistate Taxation, Tax & Finance Newsletter, and the NYU Institute on Federal Taxation. In addition, he has spoken at meetings and seminars organized by numerous organizations, including the American Bar Association, the White House Conference on Small Business, the U.S. Small Business Administration, the Georgia Electronic Commerce Association, the Federation of Exchange Accomodators, the International Reinsurance Conference, the Service Corps of Retired Executives, the American Health Lawyers Association, the Southeastern Health Law and Policy Forum, and the United Way, as well as several panel-type TV discussion programs. Joe is admitted to practice in Georgia, the District of Columbia and Louisiana.

Additional Materials
Webinar Technical FAQs
Frequently Asked Questions
  • To receive CPE credit, you must register for the webinar before it starts.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • To receive CPE for multiple attendees, at least one person must sign up for the webinar. The post-webinar email contains a link to instructions for the proctor letter. Alternatively, you may log in to your account following the webinar and click on the MY ACCOUNT button to find a link to instructions. For paid courses, payment needs to be made for each attendee before credit will be issued.
Handout Materials
Presentation Slides
Nasba

NASBA Approved

CPAacademy.org (Sponsor Id#: 111889) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222

Irs

EA Approved

CPAacademy.org (Sponsor Id#: HURS9) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222

About Our Presenter

Smithgambrellrussell
Since Smith, Gambrell & Russell, LLP began practicing law in 1893, we have pursued a vision of building one of the country’s premier full-service business firms. Today we serve corporate counsel and corporations across the globe from offices in Atlanta, Georgia; Frankfurt, Germany; Jacksonville, Florida; New York, New York and Washington, D.C. Our attorneys are focused in primary disciplines featuring more than 45 specialized practice areas. Our clients welcome guidance in specific areas of law and value attorneys who can deliver specialized levels of legal service within those areas. Our goal is to provide swift, expert and cost-effective legal support to our clients. With 120 years of experience practicing law across the globe, we have developed a practice designed to get your business done quickly and efficiently while assigning the right talent to give you the help you need.