CCH Learning Center

Partnership and LLC Income Tax Refresher Part 3: Form 1065 Completion and Other Tax Planning Issues (2005 Edition)

This is the final course in a three-part series designed to provide a comprehensive review of the basic principles of partnership income tax preparation, which are applicable to limited liability companies (LLCs) treated as partnerships for federal income tax purposes.

The course identifies the steps necessary to finalize Form 1065 for submission to the IRS. It addresses both current and liquidation distributions, making the distinction between them and how they should be treated in the reporting process.

The tax implications related to the sale or dissolution of a partnership are also detailed, as well as the impact that retirement or death has on partnership agreements and the tax ramifications of those events. New developments impacting Form 1065 are noted throughout the course.