ACCT 433 - Federal Taxation for Partnerships

Units: 3
Income tax rules applying to partnerships. Topics include taxation of partnership earnings, transactions between partners and the partnership, a partner’s basis in a partnership interest, distributions to the partners, ownership changes, liquidation and termination of partnership and tax planning techniques.

Prerequisites: ACCT 312 and ACCT 331, both with grade C or better.
Equivalent Quarter Course: ACCT 4221.
Possible Instructional Methods: Entirely On-ground, or Entirely Online.
Grading: A-F grading only.
Course Typically Offered: Variable Intermittently

Student Learning Outcomes - Upon successful completion of this course students will be able to:

Compare and contrast the various partnership forms and identify IRS Code requirements for tax years;
Identify the basis of partner’s interest and the basis of assets contributed to the partnership;
Distinguish between items included in partnership ordinary income or loss and those that must be separately stated;
Explain transactions between partners and the partnership. Explain the distribution of partnership assets;
Explain ownership changes in partnership;
Explain liquidation and termination of partnership;
Explain tax planning techniques from partnership losses and in liquidating or selling a partnership interest.