This course provides financial professionals with a better understanding of the concept of Direct Participation Programs (DPPs), as an investment that allows the flow-through of tax-consequences to the investor. Limited partnerships as the most common form of DPPs are discussed in great detail, including their formation, the role of limited and general partners, the calculation of basis and other legalities involved in the process. Depreciation of property is also explained in conjunction with its tax benefits to partnerships. The nature of other types of DPPs, oil and gas programs, real estate syndicates and equipment leasing are discussed in view of the impact on investors. Finally, there is an overview of the analysis required by both registered reps selling DPPs and those investing in them. Issues related to underwriting DPPs are also highlighted for the information of the investor.