| LO 20-1 | Determine whether a flow-through entity is taxed as a
partnership or S corporation, and distinguish the entity
approach from the aggregate approach for taxing partnerships.
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| LO 20-2 | Resolve tax issues applicable to partnership formations
and other acquisitions of partnership interests, including
gain recognition to partners and tax basis for partners and
partnerships.
|
| LO 20-3 | Determine the appropriate accounting periods and methods
for partnerships.
|
| LO 20-4 | Calculate and characterize a partnership's ordinary
business income or loss and its separately stated items and
demonstrate how to report these items to partners.
|
| LO 20-5 | Explain the importance of a partner's tax basis and the
adjustments that affect it.
|
| LO 20-6 | Apply the basis, at-risk, and passive activity loss limits to
losses from partnerships.
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