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Checkpoint Learning

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Partnership in Focus - Distributions Demystified: Who Gets What and Why   New

CATEGORY: Taxation
COURSE ID: W858T, VERSION 1.00
  Webinar
2 CPE Credits
Level: Intermediate
The twists and turns of partnership distributions can be maddening. For most partnerships, distributions are easy—but recognizing where problems arise is critical to completing an accurate partnership return. How assets were contributed—money versus property—can change the outcome. A partner’s lack of basis can turn a distribution into taxable income. Assumptions and allocations of debt to partners must be understood and properly applied.

The Partnerships in Focus series includes three topic areas covering core issues in partnership taxation. Each session can be taken together or independently.
  • Building the Partnership: Formation and Forever Ties (W857T)
  • Distributions Demystified: Who Gets What and Why (W858T)
  • Inside Deals: Partners Doing Business with Their Partnerships (W859T)
Distributions Demystified: Who Gets What and Why
This discussion will focus on property subject to debt, the character of contributed property, and the impact of built-in gains or losses. We’ll look at when exceptions can be ignored and how a partner’s share of the partnership is determined using Substantial Economic Effect and Partner’s Interest in the Partnership (PIP) rules. Topics for this session will include curative and special allocations, partner basis and at-risk amounts, debt classification as recourse, nonrecourse, or qualified nonrecourse, and more.

Who should attend: Tax professionals and advisors who work with partnerships or LLCs and want a stronger grasp of the rules surrounding basis, liabilities, and distributions. This session is particularly helpful for those preparing partnership returns or advising clients on tax consequences related to distributions.

THIS WEBINAR IS NOT ELIGIBLE FOR CTEC OR CFP CREDIT. 

Instructor: Rick E. Oelerich, LPA, EA
Instructor assignments are fluid and subject to change.

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