Description
For the unwary and unprepared, the tax treatment of transfer or termination of a partner's interest in a partnership, triggered by retirement, death, gift, exchange, or abandonment, is challenging and confusing. These issues are critical for practitioners who prepare Form 1065.
Return preparers must focus on the tax consequences to the seller resulting from the sale of a partnership interest, treatment of payments to a deceased partner's successor, the partnership, and remaining partners, and the tax effect on a partner who gifts, contributes, or abandons their partnership interest.
Listen as our authoritative panel reviews the rules and offers guidance for a return preparer's work related to partnership terminations. The panel will explain transfers of partnership interests, including the retirement of a partner, gift, exchange, contribution, or abandonment of a partnership interest, and death of a partner.
Presented By
Mr. Mandarino's practice focuses on corporate, tax and finance law. He is involved with a wide variety of businesses and transactions, including experience with compliance, planning and M&A activities for partnerships, individuals and corporations. Mr. Mandarino’s practice also includes representation in tax controversy work. He writes and speaks extensively on a wide range of business, tax and finance topics.
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BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.
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BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
Date + Time
- event
Tuesday, January 6, 2026
- schedule
1:00 p.m. ET./10:00 a.m. PT
I. Partnership terminations: introduction
II. Death of a partner
III. Retirement
IV. Other liquidating distributions
V. Effect of termination on partnership audits
VI. Transfers of an interest
A. Sale
B. Gift
C. Abandonment
VII. Cessation of business
VIII. Forms and elections
The panel will review these and other vital questions:
- How are "hot assets" taxed when received?
- How is the gain or loss on the transfer calculated and taxed?
- How are the books adjusted on the death of a partner?
- What forms and elections should be made or considered?
Learning Objectives
After completing this course, you will be able to:
- Identify the necessary forms and elections to be filed upon transfer or termination
- Determine the tax consequences of the transfer of a partnership interest
- Recognize "hot assets"
- Discern when assets must be stepped-up after a change in ownership
- Field of Study: Taxes
- Level of Knowledge: Intermediate
- Advance Preparation: None
- Teaching Method: Seminar/Lecture
- Delivery Method: Group-Internet (via computer)
- Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
- Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of pass-through taxation, including taxation of partnerships, S corporations and sole proprietorships, qualified business income, net operating losses and loss limitations; familiarity with net operating loss carry-backs, carry-forwards and carried interests.
BARBRI, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.
BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
BARBRI CE webinars-powered by Barbri-are backed by our 100% unconditional money-back guarantee: If you are not satisfied with any of our products, simply let us know and get a full refund. Contact us at 1-800-926-7926 .
