346Lec13 - ACCT346 Partnerships 1 Ronald(Ron)R.Tidd,Ph.D,CPA(Inactive [email protected] www.linkedin.com\/in\/rrtiddacctg Partnerships 2014RonaldR.Tidd

346Lec13 - ACCT346 Partnerships 1...

This preview shows page 1 - 8 out of 23 pages.

© 2014 Ronald R. Tidd Partnerships 1 ACCT 346 Income Tax Accounting 1 Partnerships Ronald (Ron) R. Tidd, Ph.D., CPA (Inactive) [email protected]
Image of page 1
Partnerships © 2014 Ronald R. Tidd Partnerships 2 Objectives 1. Learn about annual reporting process Determine tax base Determine tax liability Filing appropriate forms (in a timely manner) 2. Learn about partnership distributions to partners 3. Learn about planning opportunities
Image of page 2
Partnerships © 2014 Ronald R. Tidd Partnerships 3 1. Tax Rate Schedule Brackets (tax base) Rates 2. Tax Base Entity Valuation Periods Valuation Methods Valuation Items Revenues Expenses Gains & Losses Part nerships Par tners
Image of page 3
Introduction & Operations Lifecycle of a Partnership Formation Operation Termination ©2014 Ronald R. Tidd Partnerships We are here! 4
Image of page 4
© 2014 Ronald R. Tidd Partnerships Partnership as a Conduit Partnership is a conduit that passes items of income, deductions, etc. through to the partners Partnership as an Entity (separate & distinct) Partnership is a reporting (and electing) entity Partners are separate & distinct entities for some purposes Key Concepts 5
Image of page 5
Introduction & Operations FACTS Businesses are frequently organized as partnerships (2010 Statistical Abstract of the U.S.) © 2014 Ronald R. Tidd Partnerships 6
Image of page 6
Introduction & Operations ISSUES
Image of page 7
Image of page 8

You've reached the end of your free preview.

Want to read all 23 pages?

  • Spring '13
  • Accounting, Types of business entity, Ronald R. Tidd

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes