346Lec13 - ACCT346 Partnerships 1...

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

© 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

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

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

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

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

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

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 1. Why choose the partnership form?
Image of page 7

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

Image of page 8
This is the end of the preview. Sign up to access the rest of the document.
  • Spring '13
  • WILSON
  • Accounting, Types of business entity, Ronald R. Tidd

{[ snackBarMessage ]}

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