Partnership/LLC Taxation: Tax Basis Capital Accounts
Available Until
On Demand Only
2.00 Credits
Member Price $59.00
Non-Member Price $84.00
Overview
This program addresses the most recent developments impacting partnerships operating as LLCs, with a focus on legislative, administrative, and tax form changes. Emphasis will be placed on partners “tax basis” capital accounts, now required for tax form reporting.
Highlights
- Discuss the impact of the Section 199A flow-through entities deduction on partnerships and their partners
- The meaning of a "tax basis capital account"
- How the financial accounting and tax capital accounts differ from one another
- Determine a partner's share of the partnership's liabilities
- Distinguish "recourse" loans from "nonrecourse" loans
- What are "qualified nonrecourse financing" loans and how they affect partners
- Section 704 "built-in gain or loss" rules and how they impact Schedule K-1 reporting
- Section 4655 "at risk" rules and how they impact Schedule K-1 reporting
Prerequisites
Basic working knowledge of partnership taxation.
Designed For
CPAs in public practice and industry seeking an update on the latest tax developments affecting partnerships.
Objectives
- Apply recent tax developments affecting the partnership entity and its partners
Preparation
None
Non-Member Price $84.00
Member Price $59.00