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Understanding Partnership Taxation: Distributions

UNDERSTANDING PARTNERSHIP TAXATION: DISTRIBUTIONS

Cost $22.50
Presentation Length 1.5 hours

Recorded DateMay 11, 2022
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelIntermediate
Course Description

As a practitioner, you know that small business owners sometimes make little distinction between their own pocketbooks and the company’s pocketbook. For this reason, distributions from smaller partnerships can be frequent. It is essential 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 and cash, property, and hybrid distributions (when you have a little bit of both)!

Learning Objectives:


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

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

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

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

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

  • Identify how to calculate the resulting inside basis, outside basis, and IRC 704(b) basis after both liquidating and non-liquidating distributions

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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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.

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.