Recognize the issues surrounding the formation and operations of a federally taxed partnership

Understand how to allocate income and loss under various methods, including targeted allocations, the proper use of the three §704(c) allocation methods, and how to maintain the §704(b) book capital accounts

Calculate partnership tax reporting items, including recourse and non-recourse debt on the Schedule K-1, allocating minimum gain allocation amounts,, and gain potential attributable to operating and liquidating distributions

Determine how to properly calculate the income tax on the sale of a partnership interest as well as the tax impact of the distribution of cash and non-cash assets for both proportionate and disproportionate distributions