Course number: TAX824212

This is a 4 hour course for Utah covering standards of professional conduct and business practices adhered to by accountants such as CPAs in order to enhance their profession and maximize idealism, justice and fairness when dealing with the public, clients and other members of their profession. It also presents the AICPA Code of Professional Conduct and an approach—the threats and safeguards approach—to coping with ethical dilemmas. As required by Utah, this course includes 1 CPE hour of education on the Utah This course covers the rules and regulations surrounding partnerships, LLCs and S corporations.

Topics include discussions regarding the classifications of the different types of business entities. It also thoroughly explains the treatment of partnership interest and how the partnership’s operations, contributions and distributions affect the bases of the partners. Details of partnership income is presented, along with the calculation and allocation of income among the partners. The course further provides information on the different types of allocations, distributions and contributions and the limits and treatments of these. Other topics include partnership debt, losses, and disguised sales along with the treatment of the death or the retirement of a partner. Additionally, the course outlines the important principles of S corporations which include topics discussing the election, formation, special taxes, income, distributions, and termination of an S corporation election.

Course Level: Basic. Prerequisites: None.

Course includes integrated text and study guide, final exam, and grading service.

NASBA field of study: Regulatory Ethics    Course credit: 4 hours