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This course examines tax issues relating to the formation, operation and sale of partnerships. The various types of partnerships - general, limited, family and publicly traded - are explored and analyzed.

The pass-through concept of partnerships is examined from the basic flow of income and deductions, to partners, to disproportionate special allocations having substantial economic effect. Partnership is discussed in the context of deduction of losses, Form 1065, separately stated items, and taxable year.

A special chapter is devoted to the sale and exchange of partnership interests. Limited liability companies are explained and compared to other business entities.

Major Topics:
  • Definition of A Partnership
  • Formation & Capitalization
  • Buy/sell Agreements
  • Contributions of Property & Services
  • Profit & Capital Interests
  • Basis & Debt Allocation Rules
  • Transactions with Partners
  • At-risk Limitations
  • Special Allocations Under §704(b)
  • Hot Assets & Recapture
  • Partnership Audit Procedures
  • Terminations
  • Reorganizations
  • Estate Planning
  • Tax Year Options
  • Estate Planning
  • Tax Year Options
  • Basis Adjustments
  • Passive Loss Rules
  • Sale of Partnership Interest
  • Cash & Property Distributions
  • Guaranteed Payments
  • Capital Account Adjustments
  • Treatment of Suspended Losses
  • Fringe Benefit Limitations
  • Available Retirement Plans
  • Incorporation
Course Format
Upon ordering this course, you will immediately receive instructions how to download the course as an Online pdf document. Included in this email will be log-on instructions for taking the certification exam. You have one year from date of purchase to complete the course.

Exam Format
After you have completed reviewing the text material, you may take your exam in our convenient, untimed online format. Tests average 5 questions for each CPE credit offered. For example, a CPE test worth 20 credits would include about 100 questions.

A score of 70% or better is required to pass this course, although there is no limit to the number of times you may take the exam in order to pass.

CPE Certification
When you successfully pass the exam, your Certificate of Completion will be displayed on the screen. Print it out on your printer by using the “Print” command in your web browser.

This course is accepted in all but the following states for CPE credit: FL, MN, MS, OR, SC, & TN.

Course Level: Basic
Prerequisites: None
Field of Study: Taxation

About The Author
Danny C. Santucci earned his Bachelor of Arts in Political Science from the University of California at Irvine in 1969. He received his Juris Doctorate from Boalt Hall School of Law, University of California at Berkeley in 1972, at which time he began practice as a tax attorney in Southern California, and later established the law firm of Santucci, Potter and Leanders, in Irvine, California.

Serving as a lecturer for the Continuing Education of the Bar of California, Golden Gate University, and numerous state C.P.A. societies, Danny teaches a variety of tax, business and real estate courses. Danny is in demand all across the country as a speaker for all levels of professional and civic organizations and numerous major seminar circuits.

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