-
Disposition of partnership interest5 mins
-
Why do we have 75117 mins
-
Note on receivables24 mins
-
5 Steps approach33 mins
-
7 Steps approach44 mins
Published: March, 2022
A partner may dispose of an interest in a partnership in different ways - sale, exchange, gift, death, or abandonment. This transaction unit focuses on the tax issues related to the sale of a partnership interest.
This Online CE/CPE course on Taxes will look at the basics of partnership distributions and abandonments.
Abandoned partnership interests are treated as ordinary losses for tax purposes, assuming that no exchange has occurred. Avoiding an exchange is the key to ensuring more favorable ordinary loss treatment. An exchange can be triggered by receiving an actual (i.e., cash) or a deemed distribution.
The CE/CPE Tax webinar will first understand abandonments and the tax treatment of them and after, we will look at the basics of a partnership disposition.
Generally, when a partner sells his or her partnership interest, the transaction is treated as the disposition of a capital asset, and any gain from the sale is taxed at lower capital gains rates. A notable exception to this treatment occurs when the partnership holds “hot assets” detailed in IRC Section 751.
This CE/CPE course will also focus on more complex dispositions involving ordinary assets that fall under IRC 751(a) and (b). It will also cover the reporting required under 751(a) and (b) as well as disposition on PTP interests.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: GEHNZ) 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.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) 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.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.
Certified Public Accountant (CPA), Nicholas Preusch
Nicholas has worked with the Internal Revenue Service as a
Revenue Agent and an Attorney with the IRS Office of Professional
Responsibility. Nicholas has authored publications for the AICPA’s Journal of
Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of
Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer
Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas
has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of
the AICPA’s Tax Executive Committee. Nicholas is an adjunct professor
at the University of Mary Washington. He is a graduate of Carthage College,
University of Connecticut (M.S. in Accounting), Case Western Reserve University
School of Law (J.D.), and Georgetown University (LLM in Taxation).
5 Ratings
SG
Mar 31st, 2022
Excellent
BCSS
Apr 4th, 2022
Excellent presentation, even a Simpsons reference!
CW
Apr 30th, 2022
Supporting slides, separate from in the webinar, were not available.
1 Credit
Subject Area
We use cookies to improve your experience on our website. Cookies store information about how a user interacts with Website. By clicking "Accept Cookies", you agree that MY-CPE LLC can store cookies on your device. All your data is anonymised and cannot be used to identify you.