Short Year 1065 Returns for Terminated Partnerships: Avoiding Penalties For Failure to Report
IRC 708(b) Filing Requirements and Reporting Prior and Successor 754 Elections
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax advisers with a practical guide to completing “short year” Form 1065 Partnership Income Tax returns. The panel will discuss the rules governing short-year filings and will focus on technical terminations of existing partnerships that continue business activities as legal ongoing entities.
- Identifying technical terminations under Section 708(b)
- Recording deemed transfer of assets and partnership interests
- Applying elections from terminated partnership to successor partnership
- Completing short-form 1065 returns
- Penalties for noncompliance
The panel will discuss these and other important issues:
- What constitutes a “sale or exchange of greater than 50% interest in capital or profits” within a 12-month period that causes a technical termination?
- How do multiple sales or dispositions impact the Section 708(b) analysis?
- How must advisers handle and report prior 754 elections made by the partnership?
- What opportunities for new elections are presented in technical termination/short-year scenarios?
Brian T. Lovett, CPA, JD
Mr. Lovett has extensive experience serving the tax needs of both public companies and closely-held businesses,... | Read More
Mr. Lovett has extensive experience serving the tax needs of both public companies and closely-held businesses, including all aspects of tax compliance for partnerships and corporations. He advises clients with regard to the structure and tax consequences of new business ventures, and assists with restructuring existing businesses for increased tax efficiency. Prior to joining his firm, he was with a “Big 4” accounting firm, working closely with large, multinational real estate investment companies.Close
Scott Bartolf, CPA
Senior Tax Manager
Mr. Bartolf specializes in individual, partnership, corporate, estate & trust taxation and, state tax audits. He... | Read More
Mr. Bartolf specializes in individual, partnership, corporate, estate & trust taxation and, state tax audits. He reviews tax returns, researches tax issues and develops solutions, and analyzes complex business transactions.Close