Tax and Accounting Implications Following a Partner's Death: Financial and Operational Considerations
Post-Mortem Planning for Treatment of Suspended Losses, Optional Basis Elections, and Continuity of Operations
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax advisers and professionals with a thorough and practical guide to the accounting and tax considerations that arise in a partnership upon the death of a partner. The tax code has numerous and specific provisions and requirements when a partner dies, and these provisions impact the partnership, as well as the deceased partner’s heirs and estate. The panel will discuss the impacts of partnership provisions on the partner’s final tax return, and will offer useful pre-mortem planning tools for navigating the complicated tax landscape that often accompanies the death of a partner.
- Effect of partner’s death on partnership operations and tax filings
- Allocations of partnership income/loss in year of death
- Effects on deceased partner’s final year income tax return
- Suspended loss treatment
- Distribution of partnership interest to beneficiaries
- 736(b) issues
- Pre-mortem planning considerations
- Post-death planning considerations
The panel will discuss these and other critical questions:
- What are the book entries required upon the death of a partner?
- What is the effect on the tax year of partnership upon the death of a partner?
- What elections are available upon the death of a partner?
- What filings are required upon the death of a partner?
- How are suspended losses treated for the deceased partner?
- What are the planning opportunities and issues to be considered in pre-mortem planning?
Tax Senior Manager
Ms. Allen-Anthony specializes in partnership taxation. She is the founder and co-leader of her firm’s National... | Read More
Ms. Allen-Anthony specializes in partnership taxation. She is the founder and co-leader of her firm’s National Partnership Tax Group. She works with a variety of clients, most of which are private equity group portfolio companies and privately owned closely-held partnerships and S corporations. She has over 15 years of experience providing tax services to her clients, including tax consulting, tax planning, tax compliance, M&A assistance and tax due diligence.Close
Ms. Thaker works with high-net-worth families, corporations, partnerships, expatriates, and inpatriates on wealth... | Read More
Ms. Thaker works with high-net-worth families, corporations, partnerships, expatriates, and inpatriates on wealth transfer and preservation strategies. She works extensively with income, trust and estate taxes.Close
As one of the firm’s senior tax and legal technicians, Mr. McGrail has provided consulting services to a... | Read More
As one of the firm’s senior tax and legal technicians, Mr. McGrail has provided consulting services to a variety of partnerships, corporations, estates, and high net worth individuals in his 25-year career. He has extensive experience in real estate and engagements including tax structuring for REITs, UPREITs, tax-exempt entities and other investors. He is a CPA and a member of the State Bar of Michigan.Close
Cendrowski Corporate Advisors
Mr. Alfonsi has 25 years of tax consulting, business valuation, litigation support and forensic accounting experience.... | Read More
Mr. Alfonsi has 25 years of tax consulting, business valuation, litigation support and forensic accounting experience. In the tax planning and consulting arena, he works primarily with partnerships and with private equity, venture capital and hedge funds.Close