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For Study Units 15 and 16, I did not do as well as I had anticipated on the diagnostic quizzes, with overall scores of 70% and 67%, respectively. Subunits 15.2, Partner's Taxable Income, 16.3 Distribution of Partnership Assets, and 16.4 Reconciling Book and Taxable Income are the primary topics in which I need additional review. While I have some experience with partnerships, for some reason they seem a bit more complex and slightly more difficult to understand than the structure of an S Corporation or a C Corporation. I particularly need to review how to compute and calculate the basis of each partner when considering certain factors such as full and partial liquidation distributions and liabilities. Schedule M-1, Reconciliation of Income (Loss) per Books with Income per Return is also an area where I need to focus more attention.

Since the beginning of this course, I have been eager to understand how to do the "behind-the-scenes" tax calculations since software applications populate most of the fields based on the information entered.

My goal is to review the videos again and practice the calculations in the examples provided. Reading through the questions more than once before answering helps me to better understand exactly what the question is asking. I also plan to review the focus questions and diagnostic quizzes for each topic and utilize the test banks and study sessions in preparation for the final exam. Accountingtools.com has been a great outside resource for me as well as the IRS website.