CE/CPE Course Information

Partnership Basics: Basis and Allocation of Income and Loss (2019)

CPE Credits: 4
Subject Area: Taxation
Field of Study: Taxes
Program Level: Intermediate
Lesson Version: 2019
Publication/Revision Date: July 10, 2019
Prerequisites/Advanced Preparation: Basic experience with partnership tax returns.
Written By: James R. Hasselback, Ph.D.

After completing this course, you will be able to
  • Identify different issues regarding partnership formation
  • Calculate taxable income for the partner and partnership
  • Calculate the effect of partnership liabilities on basis
  • Compute the effects of distributions of partnership assets
  • Identify events that terminate a partnership
  • Identify treatment specific to electing large partnerships
Course Topics
  1. Formation
  2. Tax Year
  3. Partner’s Taxable Income
  4. Partners Dealing with Own Partnership
  5. Treatment of Partnership Liabilities
  6. Distribution of Partnership Assets (Sec. 731)
  7. Termination of Partnership (Sec. 708)
  8. Electing Large Partnerships [Sec. 775(a)]

This self-study course consists of an Audiovisual presentation or a 20-question True/False Introductory quiz, a Knowledge Transfer Outline with multiple-choice questions for study and review, and a Qualified Assessment of 20 questions.

This course is designed for your convenience. You may log out at any time during the course; your current position and all work will be saved. The next time you log in, you can resume right where you logged off.

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