The Taxation Issues
Tax law treats a partner in a partnership as owning the property of the partnership in proportion to the partner’s partnership interest. Similarly, it treats a partner as being a party to the partnership’s liabilities in proportion to the partner’s partnership interest. Therefore, when a partner’s partnership interest changes there is a deemed disposal /acquisition of a proportionate interest in the partnership’s assets and liabilities which may have tax consequences for the partners. A change in partnership interests will occur whenever a partner leaves the partnership, a new partner is admitted, or the partners decide to carve up the partnership pie differently.
This webinar will use case studies to examine the tax consequences of changes in partnership interests, including the application of the safe harbour rules.
This webinar will assume a general familiarity with the concept of a partnership and limited partnerships, and some understanding of their taxation treatment.
Attendees will gain an understanding of the tax and compliance issues that arise from changes in the membership of a partnership or limited partnership.
Accountants and lawyers at the intermediate to senior level.
13 June 2017
Stephen Richards, National Technical Director – Tax Advisory, Crowe Horwath
1.25 CPD hours