part 1:<\/p>\n

Although partnerships are flow-through entities, partner-partnership, partner-partner, and partner-external party transactions may have tax implications. Discuss the tax implications of each type of transaction. Focus on how gains may be triggered in each transaction type.<\/p>\n

Part 2:<\/p>\n

One of the most difficult part of preparing a partnership tax return is the allocation of income the partners. If there is a partnership agreement in place, it is used to allocate income. The tax preparer must follow the partnership agreement to prepare each partner\u00e2\u20ac\u2122s Schedule K-1. Review the attached Partnership Agreement and discuss the following:<\/p>\n

\n
• What is the purpose of Schedule K-1 for partnerships and S-Corporations?<\/li>\n
• Discuss potential difficulties in allocating income using the basic partnership agreement attached above.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

  part 1: Although partnerships are flow-through entities, partner-partnership, partner-partner, and partner-external party transactions may have tax implications. Discuss the tax implications of each type of transaction. Focus on how gains may be triggered in each transaction type. Part 2: One of the most difficult part of preparing a partnership tax return is the allocation of […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_joinchat":[]},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/posts\/145850"}],"collection":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/comments?post=145850"}],"version-history":[{"count":0,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/posts\/145850\/revisions"}],"wp:attachment":[{"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/media?parent=145850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/categories?post=145850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qualityassignments.net\/wp-json\/wp\/v2\/tags?post=145850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}