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Wednesday, December 13, 2023 Live Webcast

Taxation of Partnership Distributions and Sales of Partnership Interests (E2312252)

9:00 AM - 12:30 PM EST

Registration: 8:30 AM EST


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4 CPE Credits in TX


This program focuses on two parts of Subchapter K, partnership distributions and sales of partnership interests – topics that tax practitioners are often asked about by clients. Tax practitioners are called upon to advise both the partnership which makes distributions and the partners receiving the distributions regarding the tax consequences of these transactions. Additionally, tax practitioners will be deeply involved in decisions regarding the sale and purchase of a partnership interest. These topics are thoroughly covered in this program. The presenters also discuss several types of partnership distributions and the tax rules relating to them, as well as analyze the tax rules relating to the sale of a partnership interest. Tax practitioners will be given an in-depth analysis of these complex topics, so that they can effectively answer their clients’ questions.

This course features a live instructor and has been specifically designed for the NJCPA.


Accounting and finance professionals seeking to gain a deeper understanding of partnership distributions/sales


  • Be familiar with the complex issues related to partnership distributions and sales
  • Advise individual and business clients regarding these practice issues


  • Types of partnership distributions
  • Liquidating partnership distributions
  • Basis of property distributed by a partnership
  • Special basis adjustments under Section 732(d)
  • Abandoned and worthless partnership interests
  • Section 751(a) exchange
  • Transactions between partners and their partnerships
  • Disguised sales
  • Section 736(a) and (b) payments






  • Qualifies for IRS credit


Michael Reilly

Michael E. Reilly, CPA, ChFC, CLU, MT

Surgent Professional Education

Michael E. Reilly, CPA, is a sole practitioner with offices in West Chester, PA. In addition to maintaining his practice, Mr. Reilly has been an adjunct professor at several colleges and was a visiting professor of Economics and Business at Lafayette College. He was also the CFO for a large insurance agency in Delaware County, PA, and was a licensed insurance agent in Pennsylvania. Mr. Reilly earned his bachelor’s degree in business administration with an accounting concentration from Temple University and his master of taxation degree from Villanova University School of Law. He also holds the Chartered Financial Consultant (ChFC) and Chartered Life Underwriter (CLU) certifications. In 2016, he received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills.