eLearning

Partnership Interests -- Sales and Terminations

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DESCRIPTION

This basic course provides an overview of the federal income tax consequences to the entities involved in the partnerships relationship upon the sale or termination of a partnership interest.

Relative to the selling partner, the course discusses:
• Amount, character, and holding period (including split period) of gain or loss
• Collapsible partnership rule
• Installment sales of partnership interests
• Varying interest rule 

For the purchasing partner, the course discusses:
• Outside basis
• Capital accounts 

Under the partnership, as an entity distinct from its owners, the course discusses:
• Inside basis
• Depreciation 
• The I.R.C. §754 election 
• Revocations
• Technical terminations

Educational Objectives
• Understand how to determine the amount of a selling partner’s gain or loss
• Understand the timing and effects of applying the collapsible partnership rule
• Understand when a partner has a divided holding period in a partnership
• Know when a partner may use the installment method to sell a partnership interest
• Know when to apply the varying interest rule
• Know the difference between inside and outside basis
• Understand the I.R.C. §754 election
• Know how to determine capital accounts
• Understand technical terminations