Source: https://jncpe.com/courses/partnership-taxation/
Timestamp: 2019-04-23 18:58:38+00:00

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Format: Online pdf (264 pages). Printed book available.
c. Specifying the factors previously used to determine whether a business was a corporation or a partnership and the factors of the current check-the-box regulations.
2. Recognize the impact of partnership agreements on partners’ shares of tax items, specify the requirements of §704(e) for family partner-ships, and cite the pros and cons of partnerships to determine when the entity choice is appropriate.
3. Identify the complete or partial exclusion from partnership treat-ment under §761.
After studying the materials in Chapter 1, answer the exam questions 1 to 23.
1. Recognize the allocation of income and deduction among partners, identify when a partnership or its partners are subject to income or estimated tax, determine what constitutes §1402 self-employment taxes, and specify instances where partnerships are viewed as separate entities.
2. Specify the types of separately stated partnership expenses identifying the character of such items and their deduction limitations, and recognize the §704(d) outside basis limitation and its impact on losses.
3. Determine whether a partnership can elect to amortize certain business-related expenses, and specify the elements and requirements of the partnership tax return and the items of deduction to which individuals are entitled.
c. Determining tax year termination and non-termination events for a partnership.
5. Identify transactions between a partner and a partnership as being between a stranger and a partnership or as guaranteed payments.
After studying the materials in Chapter 2, answer the exam questions 24 to 56.
b. Identifying when the property taint rules apply and methods of allocation for precontribution gain or loss.
2. Determine a partnership’s basis for contributed assets under §723.
3. Specify the taxation of contributed services and strategies to avoid immediate taxation.
4. Determine the original and adjusted basis of an interest acquired by contributing property and/or money under §722.
b. Specifying the buckets of income under §469 identifying the impact of passive loss rules.
After studying the materials in Chapter 3, answer the exam questions 57 to 79.
c. Identifying the tax consequences of exchanges and transfers, and specifying partnership incorporation methods.
2. Recognize the tax treatment of a sale or exchange of a partnership interest where the partnership possesses hot assets (unrealized receivables and inventory), and identify the impact of partnership liabilities in computing both the amount realized on a sale of a partner’s interest and the adjusted basis of the sold interest.
3. Specify optional basis adjustment provisions stating how they relate to the general rule for the inside basis after the transfer of a partnership interest, determine the tax consequences of making a gift of a partnership interest, and recognize the unique treatment of partnership interests that are abandoned or foreclosed on with or without related liabilities.
After studying the materials in Chapter 4, answer the exam questions 80 to 92.
c. Recognizing the tax consequences associated with proportionate and disproportionate distributions, particularly the effect of distributions of receivables or inventory.
After studying the materials in Chapter 5, answer the exam questions 93 to 97.
b. Identifying the tax treatment of property distributions in liquidation permitting partnerships to distribute unrealized receivables or inventory.
2. Identify a withdrawing partner’s basis when there are distributions in liquidation or in nonliquidation, and specify the requirements of a §754 election identifying additional adjustments required.
After studying the materials in Chapter 6, answer the exam questions 98 to 106.
c. Cite the drawbacks of LLCs and their bearing on entity choice.
2. Identify ways to use an LLC and their business-planning opportunities, and specify business ventures that should avoid LLCs.
d. Determining how an LLC can designate a tax matters partner for audit purposes.
4. Identify the dangers and tax consequences in converting to an LLC from another form of entity, and recognize the potential assessment of sales and use tax, real property taxes, and real property transfer taxes on entities on conversion to an LLC.
After studying the materials in Chapter 7, answer the exam questions 107 to 120.

References: §704
 §761
 §1402
 §704
 §723
 §722
 §469
 §754