Alert

Partnership Terminations: Sale or Abandonment of an Interest, Retirement or Death of Partner, and Closing the Entity

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


Conducted on Wednesday, February 12, 2020

Recorded event now available

or call 1-800-926-7926
Program Materials

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

Description

The recent repeal of technical terminations triggers mixed feelings. Gone are short-year returns and worries about multi-year transfers; gone too is the ability to start anew with or without Section 754 elections and a new tax reporting method.

For the unwary and unprepared, the 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 prepare 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 the retirement of a partner, gift, exchange, contribution or abandonment of a partnership interest, and death of a partner.

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Outline

  1. Repeal of technical terminations
  2. Death of a partner
  3. Retirement
  4. Other Liquidating Distributions
  5. Effect of Termination on Partnership Audits
  6. Transfers of an interest
    1. Sale
    2. Gift
    3. Abandonment
  7. Cessation of business
  8. Forms and elections

Benefits

The panel will review these and other vital questions:

  • How are "hot assets" taxed when received?
  • How is the gain or loss on the transfer calculated and taxed?
  • How are the books adjusted on the death of a partner?
  • What forms and elections should be made or considered?

Faculty

Mandarino, Joseph
Joseph C. Mandarino

Partner
Smith Gambrell & Russell

Mr. Mandarino's practice focuses on corporate, tax and finance law. He is involved with a wide variety of...  |  Read More

Tannenbaum, Faye
Faye Tannenbaum, CPA

Partner
Mazars USA

Ms. Tannenbaum has over 28 years of experience providing tax compliance and consulting services to some of the largest...  |  Read More

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