92422 4.00

Author: Greg White

CPE Credit:  4 hours for CPAs
4 hours Federal Tax Related for OTRPs
4 hours Federal Tax Law for CTEC

Partnerships are the fastest growing type of business entity. Understanding the finer points of tax preparation and planning for partnerships is a key part of all tax practices.

In this course, we’ll cover sophisticated strategies to keep you on the cutting edge, including self-employment tax for LLC members, allocating losses of limited liability companies, and admitting new partners in the most tax efficient manner.

Publication Date: December 2021

Topics Covered

  • When should self-employment earnings be reported for an LLC member?
  • Claiming bonus depreciation on §743 step-ups from purchases of partnership interests
  • Avoiding the IRS's dangerous CPAR audit rules
  • Transferring profits interests in partnerships without triggering taxation to new owners
  • Allocating losses to LLC members under §704(b)
  • Claiming bad debts for partner loans
  • Deducting interest on loans made to purchase partnership interests or make loans to partnerships


Learning Objectives

  • Identify partnerships that are able to elect out of the CPAR (centralized partnership audit regime)
  • Recognize how to report self-employment earnings for LLC members
  • Identify partnership clients that are eligible to elect out of the dangerous new IRS audit rules for partnerships (CPAR)
  • Compute bonus depreciation on the purchase of a partnership interest
  • Identify the number of ways to allow spouses to avoid CPAR treatment
  • Recognize which type of entity had the greatest increase in returns filed from 1995 to 2013
  • Identify the second step in the purchase and sale of real estate
  • Identify the best option with respect to CPAR Partnerships audit rules
  • Describe the three reasonable methods proposed by the Treasury, with respect to problems with §704(c)
  • Recognize a type of SSTB where certain wage and property limits apply with respect to QBID
  • Identify the phase-in range for single filing jointly taxpayers with respect to QBID
  • Recognize which type of partnership expense payments is treated as a contribution to the partnership
  • Identify a method of allocation between land and building



Instructional Method

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
Basic understanding of partnership taxation.

Advance Preparation

Additional Course Details

  • Filed of Study: Taxation
  • Publisher: Wolters Kluwer
  • Course Level: Basic
  • Pre-Requisites: None
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