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This course focuses on two partnership subjects: (1) Section 754 elections and the impact on purchases, inheritances and partnership distributions (sections 743 and 734); and (2) redemptions of a partner including those involving a partner's retirement and a partner's death (sections 731, 732, 742, and 736).
Case studies are used to illuminate the issues. Competing concerns of the partners are emphasized: e.g., conflicts between a buying partner or beneficiary and the continuing partners; and conflicts between a redeemed partner and the continuing partners. Form 1065 preparer reporting obligations, partner capital account impact, and pertinent sample language in partnership agreements will also be discussed.
Note: Course materials include an e-book and PowerPoint slides that reinforce concepts and will be available to attendees.
This course will adjourn at 4 p.m.
General knowledge in partnership taxation. Or, experience in drafting or advising partnership agreements; experience preparing forms 1065, 568, 565 and Schedule K-1 for partnerships and LLCs; or experience preparing partner income tax returns (forms 1040 or 1120) and advise partnerships and partners on tax-smart strategies.
CPAs or attorneys.
Gary McBride is a principal in Summit Accountancy Group, Inc.; a professor emeritus at California State University, East Bay; and former director of the Graduate Tax Program. He is a licensed attorney and certified public accountant. He worked for the Internal Revenue Service as a revenue agent, special agent, and technical advisor at the IRS National Office. He is author and presenter of four CPE courses for the CalCPA Education Foundation: Federal and California Tax Update for Individuals (with professor Annette Nellen); Federal and California Tax Update for Businesses and Estates (with professor Annette Nellen); Partnerships and LLCs Part I: Formation, Operation, and Allocations; and Federal Taxation of Partnerships and LLCs Part II: Sales, Distributions, Redemptions, and Liquidations. McBride earned his master of laws in taxation degree in 1987 from Georgetown University; his juris doctor degree in 1981 from Hastings College of Law, and his bachelor’s degree (emphasizing accounting and finance) in 1975 from the University of California, Berkeley.