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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Wednesday, March 1, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00
CPE
ALL

This course will provide tax return preparers with increased familiarity with the issues involved in transfers of partnership interests, including exchanges; the retirement of a partner; gift, contribution, or abandonment of a partnership interest; and the death of a partner.

Faculty

Joseph C. Mandarino
Partner
Smith Gambrell Russell

Mr. Mandarino's practice focuses on corporate, tax and finance law. He is involved with a wide variety of businesses and transactions, including experience with compliance, planning and M&A activities for partnerships, individuals and corporations. Mr. Mandarino’s practice also includes representation in tax controversy work. He writes and speaks extensively on a wide range of business, tax and finance topics.

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Faye Tannenbaum
Partner
Mazars, LLP

Ms. Tannenbaum has over 28 years of experience providing tax compliance and consulting services to some of the largest entities operating within the United States, including private equity companies, banks, broker-dealers and investment management entities.  

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Description

For the unwary and unprepared, the tax treatment of transfer or termination of a partner's interest in a partnership, triggered by retirement, death, gift, exchange, or abandonment, is challenging and confusing. These issues are critical for practitioners who prepare Form 1065.

Return preparers must focus on the tax consequences to the seller resulting from the sale of a partnership interest, treatment of payments to a deceased partner's successor, the partnership, and remaining partners, and the tax effect on a partner who gifts, contributes, or abandons their partnership interest.

Listen as our authoritative panel reviews the rules and offers guidance for a return preparer's work related to partnership terminations. The panel will explain transfers of partnership interests, including the retirement of a partner, gift, exchange, contribution, or abandonment of a partnership interest, and death of a partner.

Outline

  1. Repeal of technical terminations
  2. Death of a partner
  3. Retirement
  4. Other liquidating distributions
  5. Effect of termination on partnership audits
  6. Transfers of an interest
    • Sale
    • Gift
    • Abandonment
  7. Cessation of business
  8. Forms and elections

Benefits

The panel will review these and other vital questions:

  • How are "hot assets" taxed when received?
  • How is the gain or loss on the transfer calculated and taxed?
  • How are the books adjusted on the death of a partner?
  • What forms and elections should be made or considered?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify the necessary forms and elections to be filed upon transfer or termination
  • Determine the tax consequences of the transfer of a partnership interest
  • Recognize "hot assets"
  • Discern when assets must be stepped-up after a change in ownership

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of pass-through taxation, including taxation of partnerships, S corporations and sole proprietorships, qualified business income, net operating losses and loss limitations; familiarity with net operating loss carry-backs, carry-forwards and carried interests.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).