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Reviewing Partnership Returns
CPE Self-study

Reviewing Partnership Returns

Navigate the complexity of the Internal Revenue Code’s partnership provisions in the preparation of LLC and partnership tax returns.

$105 - $145
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NASBA Field of Study




CPE Credits



Robert Ricketts, Larry Tunnell


1 year

Product Number


 Business & partner 
Product Details

Save when you buy the complete Tax Staff Essentials, Level 4 online bundle.

Avoid common errors

Partnership tax returns
Understand common errors practitioners make in preparing partnership tax returns that are often missed during the review process. Sharpen your reviewer skills by examining case studies and discussing complex LLC and partnership issues often missed by staff tax return preparers. Implement your learning using case studies to increase your comprehension and retention. Gain 5 CPE credits in the tax field of study.

Who Will Benefit

  • Partners and managers in CPA firms
  • Experienced CPA staff

Key Topics

Cover common errors made involving the following:

  • Form 1065
  • Schedules K and K-1
  • Schedules M-1 and M-2
  • Calculating recourse and nonrecourse liabilities
  • Partner inside and outside basis
  • Partner’s capital account analysis
  • IRC Sections 704(b), 704(c), 721, 722, 732(b), 734(b), 737, 743(b)

Learning Outcomes

  • Calculate the balance in the partners’ capital accounts and enter the results on Form 1065 and on the Schedule K-1s.
  • Identify the purposes of Schedules L, M-1, and M-2.
  • Recognize the tax treatment, both at the partner and the partnership level, of guaranteed payments to a partner.
  • Calculate the amount of the guaranteed payment when the partner is to receive the lesser of a fixed dollar amount or a fixed percentage of partnership income.
  • Identify and report Section 1202 gains on Form 1065.
  • Calculate the ordinary loss to the partners from the sale of Section 1244 stock.
  • Determine how installment sales are taxed and disclosed by partnerships.
  • Analyze the consequences when a new partner joins the partnership.
  • Prepare a balance sheet following a revaluation of LLC or partnership assets.
  • Make appopriate allocations of book and tax income following the entry of a new partner to a partnership during a taxable year.
  • Compute book depreciation expense following the revaluation of a partnership’s assets.
  • Properly allocate depreciation expense among the contributing and noncontributing partners under Section 704(c).
  • Apply the provisions of Section 737 and make associated adjustments to the basis of property retained by the partnership.
  • Determine the tax basis of distributed property in the hands of the recipient partner.
  • Calculate the required basis adjustments under Section 734(b) when a partnership distributes property to a partner in liquidation of his interest.
  • Allocate the Section 734(b) adjustment, if any, among properties retained by the partnership following a distribution of property.
  • Allocate nonrecourse liabilities among the partners in a partnership.
Credit Info
CPE Credits
NASBA Field of Study
Basic knowledge of partnership taxation
This is a digital product. With full paid access the content will be available to you for 1 year after purchase date.
For more information, please refer to CPE requirements and NASBA sponsorship information
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Tax Section Members

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Contact us
Robert Ricketts
Ph.D., CPA
Robert Ricketts is the Director of the School of Accounting in the Rawls College of Business at Texas Tech University. He has been a member of the Accounting faculty since 1988 and has held the Frank M. Burke Chair in Taxation since 1999. Prior to earning his Ph.D., which he received from the University of North Texas in 1988, he worked for the Dallas office of Ernst & Whinney (now Ernst & Young) as a tax senior. Ricketts' tax scholarship addresses a broad audience. He co-authors several courses on partnership taxation for the AICPA, and a forthcoming book on comparative taxation written by an international group of authors. He also contributes chapters to a leading undergraduate textbook on taxation, and has numerous academic publications on issues ranging from the risks of over-reliance on tax software to the response of multinational corporations to tax holiday legislation. He teaches at both the undergraduate and graduate levels, and works extensively with doctoral students. His love for students, and for Texas Tech, is well-known by students, colleagues and alumni across the world.
Larry Tunnell
Ph.D., CPA

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