Nick Preusch CPA, JD, LLM, is a tax manager with YHB CPAs & Consultants. Nick has participated in helping high wealth individual and large business entities with complex tax compliance, along with specializing in international, not-for-profit tax issues, and tax ethics issues.
Nick has also worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nick is a graduate of Carthage College with a BS in Accounting and Business, the University of Connecticut with an MA in Accounting, Case Western Reserve University with a JD, and Georgetown University with an LLM in taxation. Nick has also authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties, and Circular 230 Enforcement, published by Thomson Reuters. He has lectured nationally on topics such as ethics, complex tax transactions, and IRS practice and procedure.
Currently, Nick is an adjunct professor at the University of Mary Washington. Nick has been recognized as the Top 5 Under 35 CPAs in Virginia by the VSCPA in 2017 and CPA Practice Advisor’s Top 40 Under 40. He is a member of the VSCPA’s Tax Advisory Committee and Ethics Committee, and the AICPA’s Tax Practice and Responsibilities Committee.
This course will look at the basics of partnership distributions and abandonments. The course will first understand abandonments and the tax treatment of them. After, we will look at the basics of a partnership disposition. We will then shift our focus on more complex dispositions involving ordinary assets that fall under IRC 751(a) and (b) we will also cover the reporting required under 751(a) and (b) as well as disposition on PTP interests.
- Understand generally theoutside basis of partnerships
- Understand partnership dispositions
- Figure complex calculations for partnerships like IRC 751 and liquidating distributions
- Properly comply with disclosure requirements for partnership dispositions
- Understand the ins and outs of partnership return preparation related to dispositions
Course Level - Basic
Who Should Attend
- Tax practitioners
Why Should You Attend
If you deal with individuals or partnerships, eventually the partners will want to dispose of their ownership. This is a high error rate issue that is frequently done incorrectly. This webinar will help you properly assess the partnership disposition and properly report it.