PUBLICLY TRADED PARTNERSHIPS
(INCLUDING MASTER LIMITED PARTNERSHIPS)
TAUGHT BY JOSEPH P. NICOLA, JR., CPA, JD
MONDAY, OCTOBER 19, 2020, 9:00 A.M. – 1:00 P.M.
As part of the virtual OSEA 2020 Seminar, be sure to take in this unique and valuable educational opportunity, a Master Class on Publicly Traded Partnerships, also including Master Limited Partnerships. The 4-hour Master Class will be taught by Joseph P. Nicola, Jr., CPA, JD, Tax Partner with Sisterson & Co. LLP, Pittsburgh, PA, who has over 35 years of experience in public accounting. Topics to be presented are:
- Background – Section 7704 of the Internal Revenue Code and the accompanying IRS regulations.
- Definition of “Qualifying Income” and why it is important.
- Impact of tax reform by the Tax Cuts and Jobs Act.
- Impact of the CARES Act.
- Broad introduction to Schedule K-1 and accompanying cover letter.
- Detailed mapping of Schedule K-1 to Form 1040.
- Application of the passive activity rules to PTPs/MLPs.
- Complex mapping of passive activities.
- Purchase and sale of units, including character of gain or loss, basis, and holding period.
- Oil and gas.