Kaplan University School of Professional and Continuing Education Kaplan University School of Professional and Continuing Education

Introduction to Partnership Taxation (IPT)

(Updated for the Tax Cuts and Jobs Act) 8-Hour Program

WHY ATTEND THIS COURSE?

From first year return issues to disposition of a partnership interest, this program provides information about the basics of partnership taxation. Learn to identify separately stated items for Form K-1 and to calculate partnership income. You will learn basic principles of partnership taxation that will be your foundation of your tax knowledge. Anyone who prepares partnership returns will benefit from this course.

DESIGNED FOR...

Accountants who will prepare partnership and tax returns. May also be suitable for public practice.

OBJECTIVE

Participants will be able to:

  • Properly account for common partnership transactions, including formation issues
  • Track partner’s capital account and basis in partnership interest (they may not be the same)
  • Prepare an accurate Form 1065 and associated Forms K-1
  • Understand how to apply the loss limitations rules

MAJOR SUBJECTS

  • Organization of partnership
  • Capital account versus basis
  • Partner basis from partnership debt
  • Calculation of partnership income
  • Partnership allocations
  • Distributions
  • IRC Sec. 754 election
  • Partnership versus partner tax accounting elections
  • Preparation of partnership return and reporting problems

COURSE ACRONYM: IPT

PRESENTATION METHOD: Group-live

LEVEL OF KNOWLEDGE: Basic

PREREQUISITES:

  • None

ADVANCE PREPARATION: None

FIELD OF STUDY: Taxes/Partnership Taxation

RECOMMENDED CPE CREDIT: 8 hours


CPE Sponsor icon

SmartPros®, A Kaplan Company and Loscalzo Institute, A Kaplan Company are 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.