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Self study cpe
Understanding Partnership Taxation: Distributions

UNDERSTANDING PARTNERSHIP TAXATION: DISTRIBUTIONS

CPE Processing Fee$30.00
Webinar TranscriptionN/A
Presentation Length Hour(s)1.5 hours
CPE Credits 1.5 hours
Subject Area 1.5 - Taxes (Federal Tax)
CE Credits 1.0 hour
Course Id# - HURS9-T-00737-20-S
Course LevelIntermediate
Instructional MethodQAS Self-Study
PrerequisitesWorking knowledge of fundamental partnership tax concepts
Advance PreparationNone
Recorded DateJun 14, 2021
Date OfferedJun 14, 2021
Course Description

As a practitioner, you know that sometimes small business owners make little distinction between their own pocketbook and the company’s pocketbook.  For this reason, distributions from smaller partnerships can be frequent.  It is important for us, as their advisors, to know what the tax impact is for these distributions – which ones will be fine, and which ones may cause a problem.  Through easy to follow examples, we will talk about distributions front to back.  We will discuss the different types of distributions, as well as cash, property, and hybrid distributions – when you have a little bit of both!

Learning Objectives:


  • List the key rules of the thumb to remember when dealing with distributions

  • State the ordering rules for calculating a partner’s tax basis

  • Describe the key differences between liquidating and non-liquidating distributions

  • Determine any applicable tax gains and losses of cash and property distributions

  • State the ordering rules for hybrid distributions that involve both cash and property

  • Calculate the resulting Inside Basis, Outside Basis, and IRC 704(b) Basis after both liquidating and non-liquidating distributions

Self-Study Course Instructions:

FOR DOCUMENT-BASED COURSES

Download the course document(s) (below) and follow prompts contained in the document.



FOR RECORDED COURSES WITH VIDEO

Download any course document(s) (below) which may include handouts, glossary, transcripts, etc. Follow any prompts contained in the documents to help you complete the course. Most documents are searchable.

Play the recording, noting the sectional guides indicating where topics on the agenda are covered and the prompts to pause video playback to respond to a review question (located below the video playback area). The timestamps for review questions are also noted below.

Upon completing the video and successfully answering all review questions, you will then take the final exam.

Partnertax selfstudy
Handout Materials
Presentation Slides
Additional Materials
Glossary
Review Questions
Review Questions
QUESTION 1: 17:35 minutes
QUESTION 2: 23:32 minutes
QUESTION 3: 35:08 minutes
QUESTION 4: 52:35 minutes
QUESTION 5: 57:38 minutes
QUESTION 6: 1:07:33 minutes
Frequently Asked Questions
  • CPAacademy self-study courses are online.
  • The self-study format allows you to a) access the material online 24/7 and b) study at your own pace.
  • Per NASBA guidelines, you have one year from date of purchase to complete each program.
  • Complete your final exam at any time and get graded instantly. You can retake the exam at no additional charge (unlimited attempts).
  • Print your own certificate of completion on the spot upon passing the exam.
  • Grading policies: a) courses have a minimum passing score 70% b) test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.

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Peters professional education

David Peters is the founder and owner of Peters Tax Preparation & Consulting in Richmond, VA, and a Financial Advisor for Peters Financial, LLC. He has over fifteen years of financial services experience, including three years in the hedge fund industry and six years in the insurance industry.  David was the first-ever Chief Financial Officer at Compare.com - a position he held for over three years.  He is a national CPE Instructor/Discussion Leader for the AICPA, Kaplan, and Surgent and was a recipient of Surgent’s Outstanding Discussion Leader award for 2019. He regularly teaches accounting, finance, insurance, financial planning, and ethics throughout the United States. He is the advisor for Business & Industry topics for the SC Association of CPAs and was a recipient of The American College’s 2019 NextGen Financial Services Professional Award. He holds four Master’s degrees and is currently pursuing his Ph.D. in Financial Planning. He regularly contributes to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures. He was also a co-author of the 2018, 2019, and 2020 versions of the Virginia CPA Ethics course – a required course for all CPAs licensed in the Commonwealth of Virginia.

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About Our Presenter

Peters professional education
Peters Professional Education provides high quality continuing education courses to financial professionals across several industries, including insurance, financial planning, and accounting. We work with both CPA societies and financial firms to provide timely content that empowers financial professionals to better serve the evolving needs of their clients.