Partnership Income Taxation School

This practical workshop will use a case study approach to take the concepts of partnership taxation and apply them to the mechanics of partnership tax reporting on Form 1065. Instructed by Greg Bouchard, Senior Extension Associate, Cornell University and Dario Arezzo, J.D., LL.M. Topics in the reference materials include:

• Overview of partnership taxation and relevant updates
• The complexity of applying a hybrid of flow-through and entity concepts to various partnership transactions
• The need for tax basis capital accounts and the value of maintaining them on a market value basis
• Differences between profits interests and capital interests and what this means for customers
• The differences between recourse and non-recourse debt and how to allocate appropriately
• The sale and redemption of a partnership interest and the differences between them
• The impact of I.R.C. 751 “hot assets” on the sale or redemption of a partnership interest
• Gifting of a partnership interest
• The death of a partner
• Distributions, guaranteed payments and self-employment tax implications