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Selected Partnership Tax Issues

Learn to identify unique issues posed by the new partnership audit rules in the context of partnership formation and acquisitive transactions.

In 2015, Congress passed the Bipartisan Budget Act of 2015 (the BBA), which completely changed the way partnerships (and entities treated as partnerships) were audited and assessed tax by the IRS. The Department of Treasury and the IRS have issued guidance implementing the new audit procedures in the BBA, and these procedures generally are effective for taxable years beginning after December 31, 2018. This topic will help the persons responsible for the tax functions of partnerships understand the new partnership audit regime and the key differences from the old partnership audit regime, commonly known as TEFRA. The information will also help identify unique issues posed by the new partnership audit rules in the context of partnership formation and acquisitive transactions involving partnerships.

112 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Background

  • TEFRA Audit Procedures
  • Reasons for Change
  • Highlights of New Partnership Audit Rules

Comparing TEFRA and the New Partnership Audit Rules

  • Scope
  • Push-out Election
  • Amendments and Pull-Ins

Tax Matters Partner vs. Partnership Representative

  • Major Differences
  • Designated Individuals
  • Powers

Audit Procedure

  • Under TEFRA
  • Under the New Partnership Audit Rules
  • Statute of Limitations Considerations

Practice Pointers

  • Partnership Formation
  • M&A Considerations
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on February 4, 2021.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • ME CLE 1.5
     
  • NJ CLE 2.0
     
  • VT CLE 1.5
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Matt Donnelly

Matt Donnelly

Baker Botts L.L.P.

  • Special counsel with Baker Botts L.L.P. in Washington, D.C.
  • Focuses his practice on U.S., federal income tax matters with a concentration on domestic and international mergers and acquisitions, dispositions, spin-offs, joint ventures, financing transactions (including tax-incentivized renewable energy financing transactions), restructurings, and internal reorganizations
  • His clients include both public and private companies
  • An adjunct professor at Georgetown University Law Center and Howard University School of Law, teaching courses on transactional tax issues and corporate taxation
  • Frequently writes and lectures on tax-related topics, including transaction structuring, spin-offs and Reverse Morris Trust transactions, renewable energy tax incentives, partnership taxation, and the impacts of tax reform
  • Can be contacted at 202-639-7875 or [email protected]
Peter Farrell

Peter Farrell

Baker Botts L.L.P.

  • Senior Associate with Baker Botts L.L.P. in Washington, D.C.
  • Focuses his practice on U.S., federal income tax matters with a concentration on tax-efficient structures for domestic and international mergers, acquisitions, joint ventures, separations, restructurings and other reorganizations
  • His clients include both public and private companies
  • Frequently writes and gives talks on tax-related topics, including transaction structuring, spin-offs, reorganization transactions, renewable energy tax incentives, and the new and pending legislation affecting corporations and passthrough entities
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 407441
Published 2021
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