Partnership Basics II: Drafting Partnership Allocations

November 19, 2019

Co-instructor, CalCPA Webcast Event

Downey Brand partner Sil Reggiardo and Terence Cuff of Loeb & Loeb will act as instructors for an upcoming Webcast Event presented by CalCPA. This Webinar is the second in a four-part series that will be a valuable introductory course on the partnership life cycle. Partnerships are an important part of United States tax administration and a major tax planning vehicle. This Webinar reviews the tax treatment of partnership allocations of tax items between or among the partners in the partnership. For experienced tax professionals seeking to grow their skills, this course will also be useful as a refresher course to partnership mechanics.

Course Objectives:

  • Identify and distinguish partnership allocations from partnership distributions
  • Determine whether a partnership allocation is mandatory or discretionary
  • Determine how partnership contributions of property will be treated under Section 704 Regulations under different allowable methods
  • Recognize relevant considerations for substantial economic effect and apply tests in analyzing whether partnership allocation will be respected.
  • Apply a general understanding of differences between generally accepted accounting principles, general tax principles, and Section 704 rules in determining meaning of partnership allocations of profit and loss.
  • Identify special allocations and understand how they operate.

For more information, please visit CalCPA’s event page.