Partnerships and LLCs - Part 2

Exam Questions: 40
Course Level: Basic
Pages: 174 | Content: 162, Supplemental: 12
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 7925

This course is the second 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 part is focused on partnership allocations and limitations on partnership deductions and includes a summary table for the tax treatment of pre-opening expenses. All course material provided. No prerequisites. Course level: Basic.

EA Program Approval Number: ZX34G-T-00400-20-S

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Course Information

Table of Contents
  • Allocation of Partnership Income Among the Partners: The Substantial Economic Effect Requirement
  • Allocation of Income and Deductions from Contributed Property: Code Sec 704(c)
  • Other Limitations on Partnership Allocations
  • Partner's Share of Partnership Debt
  • Limitations on the Deductibility of Partnership Losses
  • To recall the items that result in an increase to partnership capital accounts
  • To recall the reasonable allocation methods allowed under Code Sec. 704(c)
  • To identify the characteristics of allocations in family partnerships
  • To identify the characteristics of recourse and nonrecourse liabilities
  • To recall the characteristics of passive activity income

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