AICPA logo
AICPA logo
  • Home
Reviewing Partnership Returns

Reviewing Partnership Returns

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

$197 - $241
Do you have an AICPA membership? Log in to apply your member discount.




Feb 07, 2023

NASBA Field of Study




CPE Credits



Deborah A. Phillips


3 months

Product Number


 Business & partner 
Product Details

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.

Key Topics

We will 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.

Who Will Benefit

  • Partners and managers in CPA firms
  • Experienced CPA staff
Credit Info
CPE Credits
NASBA Field of Study
CPAs working with clients requiring up-to-date expertise in partnership taxation for the current tax season
This is a digital product. With full paid access the content will be available to you for 3 months after purchase date.
For more information, please refer to CPE requirements and NASBA sponsorship information
Do you have an AICPA membership? Log in to apply your member discount.
AICPA Members

Group ordering for your team

2 to 5 registrants

Save time with our group order form. We’ll send a consolidated invoice to keep your learning expenses organized.

Start order

6+ registrants

We can help with group discounts. Call us at 1-800-634-6780 (option 1) or email us at

Contact us
Deborah A. Phillips
Deborah A. Phillips, CPA, MST, operates her own tax controversy practice where she specializes in partnership and S Corporation tax law as well as IRS audits and procedures. Debbie, retired from the Large Business and International Division (LB&I) of the Internal Revenue Service (IRS) where she was a Senior Manager in the Flow Through Issue Practice Group (IPG). The IPG specializes in S corporation and partnership tax issues for LB&I. Debbie worked for the IRS for over 31 years ago and she has extensive accounting and taxation knowledge of individual, corporate, and partnership federal tax returns. She was the Operations and Technical Assistant to the Deputy Commission International, the Technical Assistant to the Director of PFTG, a Territory Manager in the Retail, Food and Pharmaceuticals Industry, a Team Manager in the Heavy Manufacturing Industry and the IRC Section 263A Technical Advisor. Debbie taught graduate and undergraduate courses in accounting and taxation as an adjunct faculty member at Delaware State University, Wilmington College, and Goldey-Beacom College. She has been a seminar presenter for over 17 years as well as a text book author. Debbie earned her master's degree in taxation from Widener University.

The Association is dedicated to removing barriers to the accountancy profession and ensuring that all accountancy professionals and other members of the public with an interest in the profession or joining the profession, including those with disabilities, have access to the profession and the Association's website, educational materials, products, and services.The Association is committed to making professional learning accessible to all product users. This commitment is maintained in accordance with applicable law. For additional information, please refer to the Association's Website Accessibility Policy. As part of this commitment, this product is closed-captioned. For additional accommodation requests please contact and indicate the product that you are interested in (title, etc.) and the requested accommodation(s): Audio/Visual/Other. A member of our team will be in contact with you promptly to make sure we meet your needs appropriately.

Ratings and reviews

Cancellation Policy
View our Cancellation policy here
Reviewing Partnership Returns
Feb 07, 2023
Select from the following options:
Feb 07, 2023
5pm9pm GMT
Nonmember Price
Price excluding sales tax
Do you have an AICPA membership? 
Log in to apply your member discount.
Shipping cost and sales tax will be added later during checkout

Related content