Partnership Termination and Transfer of a Partner's Interest: Form 1065 Challenges

Tackling Complex Calculation Issues for Return Preparers

Recording of a 110-minute CPE webinar with Q&A


Conducted on Thursday, February 21, 2013

Recorded event now available

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Program Materials

This webinar will provide tax return preparers with increased familiarity with the issues involved in transfers of partnership interests, including exchanges, retirement of a partner, gift, contribution or abandonment of a partnership interest, and death of a partner.

Description

For the unwary and unprepared, tax treatment of transfer or termination of a partner’s interest in a partnership, triggered by retirement, death, gift, exchange or abandonment, is challenging and confusing. These issues are critical for practitioners who deal with Form 1065.

Return preparers must focus on the tax consequences to the seller resulting from the sale of a partnership interest, treatment of payments to a deceased partner's successor, the partnership, and remaining partners—and the tax effect on a partner who gifts, contributes or abandons their partnership interest.

Listen as our authoritative panel reviews the rules and offers guidance for a return preparer's work related to partnership terminations. The panel will explain transfers of partnership interests, including retirement of a partner, gift, exchange, contribution or abandonment of a partnership interest, and death of a partner.

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Outline

  1. Termination of partner’s interest
  2. Termination by death or abandonment
  3. Transfer of partner’s interest by gift, exchange, retirement
  4. Issues under Form 1065

Benefits

The panel will review these and other key questions:

  • What complexities do return preparers face in Form 1065 due to a termination or transfer of a partner’s interest in the partnership?
  • What are the key issues concerning the tax consequences to the seller that result upon the sale of a partnership interest?
  • How is character of gain or loss determined upon a transfer?

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Jesica Speer
Jesica Speer
Tax Manager
Grant Thornton

She works primarily with closely held businesses and their owners on personalized tax savings strategies, technical...  |  Read More

Wilson, Amanda
Amanda Wilson

Partner
Lowndes Drosdick Doster Kantor & Reed

Ms. Wilson concentrates her practice on federal tax planning and structuring and represents clients in a wide variety...  |  Read More

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