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KSDT L&D: Maximizing Microsoft [* CPE]
June 28 @ 12:00 pm - 1:30 pm
Professional tax advisers almost always use the partnership (or LLC) agreement to determine how to allocate items of income and loss and to identify other issues that may affect both tax compliance and planning considerations for the partnership and its partners. If the provisions of the agreement are ambiguous, the tax adviser is often forced to infer the intent of the agreement. How do you make your best shot at getting the taxation of a partnership right in such instances?
In this presentation delivered by KSDT Tax Partner, Isabel Goldberg, CPA, she will explain why, when and how to review a partnership agreement to assist the drafter with important tax issues that will arise during the life of the partnership.
Presentation Date: December 9, 2020
Time: 12pm – 1:30pm
KSDT CPAs, EAs, tax preparers and other tax professionals with responsibility for review of partnership and LLC tax returns and planning for partnership tax entities
- Reviewing distribution provisions
- Reviewing allocation provisions
- Definitions, terminology, cross references
- Tax elections that should be considered
- Special tax issues that may need to be addressed
- Recognize the economic deal and how to ensure the agreement is consistent
- Identify key issues that should be in the agreement for allocation integrity
- Describe the common tax provisions and definitions that should be in the agreement
- Identify how to distinguish between profit/loss allocations and cash distribution shares
- Recognize when book basis can be useful
- Recognize reasons why a CPA should review the Partnership Agreement
- Describe Economic Effect
- Recognize suggestions offered by Section 704(c) regulations when specifying a method to allocate profits and losses
- Recognize when a new partnership-level audit regime takes effect
NASBA Field of Study: Taxes (1.5 CPE hours)
Experience with partnership taxation issues.
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