CE/CPE Course Information

Partnership Basics: Basis and Allocation of Income and Loss (2023)

CPE Credits: 4
Subject Area: Taxation
Field of Study: Taxes
Program Level: Intermediate
Delivery Method: QAS Self-Study
Lesson Version: 2023
Publication/Revision Date: December 12, 2023
Prerequisites/Advanced Preparation: Basic experience with partnership tax returns.
Written By: James R. Hasselback, Ph.D.

Learning Objectives	After completing this course, you will be able to Identify different issues regarding partnership formation Calculate ordinary and taxable income for the partner and partnership Identify items that change basis Calculate the effect of partnership liabilities on basis Compute the effects of distributions of partnership assets Identify events that terminate a partnership Calculate gains or losses on liquidating distributions
Course Topics	Formation Tax Year Partner’s Taxable Income Partners Dealing with Own Partnership Treatment of Partnership Liabilities Distribution of Partnership Assets Termination of Partnership

Learning
Objectives

After completing this course, you will be able to

Identify different issues regarding partnership formation
Calculate ordinary and taxable income for the partner and partnership
Identify items that change basis
Calculate the effect of partnership liabilities on basis
Compute the effects of distributions of partnership assets
Identify events that terminate a partnership
Calculate gains or losses on liquidating distributions

Course Topics

Formation
Tax Year
Partner’s Taxable Income
Partners Dealing with Own Partnership
Treatment of Partnership Liabilities
Distribution of Partnership Assets
Termination of Partnership

This QAS self-study course consists of an Audiovisual presentation, a Knowledge Transfer Outline with multiple-choice questions for study and review, and a Qualified Assessment of 20 questions.

This course is designed for your convenience. You may log out at any time during the course; your current position and all work will be saved. The next time you log in, you can resume right where you logged off.

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