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Partnerships and LLCs - Part 1

Exam Questions: 50
Course Level: Basic
Pages: 192 | Content: 182, Supplemental: 10
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 7920

This course is the first in a series of several parts that will delve into the complex issue of partnership taxation. It communicates the important facts using direct and understandable language, plus it is filled with illustrative examples, observations, and charts to provide clarity throughout. This first part is focused on preliminary considerations such as partnership formation, the application of partnership taxation to LLCs, liability issues, IRS classification, audit issues, character and presentation of partnership income, and much more. All course material provided. No prerequisites. Course level: Basic.

EA Program Approval Number: ZX34G-T-00393-20-S

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Course Information

Table of Contents
  • What Is a Partnership?
  • Partnership Formation and Computation of Partner Basis
  • Receipt of a Partnership Interest for Services
  • Calculation of Partnership Income
  • Character and Presentation of Partnership Income
Objectives
  • To identify the advantages and disadvantages of a partnership
  • To recall the portion of the Internal Revenue Code that governs partnership taxation
  • To recognize the characteristics of the two types of partnership interests
  • To identify the elections available at the partnership level and those available at the partner level
  • To recall the requirements of the Code Sec. 199A deduction

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