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...

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© 2014 Ronald R. Tidd Partnerships 1 ACCT 346 Income Tax Accounting 1 Partnerships Ronald (Ron) R. Tidd, Ph.D., CPA (Inactive) [email protected]
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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
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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
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Introduction & Operations Lifecycle of a Partnership Formation Operation Termination ©2014 Ronald R. Tidd Partnerships We are here! 4
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© 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
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Introduction & Operations FACTS Businesses are frequently organized as partnerships (2010 Statistical Abstract of the U.S.) © 2014 Ronald R. Tidd Partnerships 6
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Introduction & Operations ISSUES
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  • Spring '13
  • WILSON
  • Accounting, Types of business entity, Ronald R. Tidd

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