Unit 3 - Partnership Income and Impact on Outside Basis

Unit 3 - Partnership Income and Impact on Outside Basis -...

Info iconThis preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon
Partnership Operations Calculating Partnership Income and Determining the Impact on the Partner
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Objectives Determine the proper reporting of partnership items by the partner Separately stated items Non-separately stated items Adjusting partner outside basis
Background image of page 2
Purpose of Partnership Accounting Entity Partnership must file annual information return (Form 1065) Partnership must furnish each partner a copy of information required by the regulations (Schedule K-1).
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Computation of a Partnership's Taxable Income
Background image of page 4
Partnership Taxable Income Same way as the taxable income of an individual with certain modifications. Separately stated items Significance to individual partners Personal exemptions and deductions
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Separately Stated Items P/S income or loss not separately stated will be reported on form 1065 as “bottom line” trade or business ordinary income or loss. Separately stated items retain their character. IRC 702(a) provides a list
Background image of page 6
Separately Stated Items Net STCG and LTCG
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/20/2012 for the course ACCT 6354 taught by Professor Will during the Fall '11 term at University of Texas at Dallas, Richardson.

Page1 / 21

Unit 3 - Partnership Income and Impact on Outside Basis -...

This preview shows document pages 1 - 8. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online