Most practitioners deal with Form 1065, U.S. Return of Partnership Income, on a regular basis. This program explores the multitude of deductions that may be available to the partnership, including compensation, repair and maintenance expense, bad debt expense, rents, taxes, interest expense, depreciation, depletion, expenses for retirement plans and employee benefit programs, amortization of start-up costs and IRC Sec. 197 intangibles, meals, travel and entertainment expenses, and the IRC Sec. 199 deduction. It also contains the IRS tables on the limitations on depreciation deduction for passenger automobiles, trucks, and vans, and in the case of leased vehicles, tables containing the inclusion amount that is added to gross income for passenger automobiles, trucks, and vans.

By proceeding to the examination, you acknowledge and confirm that you have completed the required coursework.