Partnership Essentials: Tax Basis Capital Accounts

Description

This course examines the critical issues and special opportunities facing partnerships and their partners, with a focus on reporting tax basis capital accounts.  

*Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to terri.storer@acpen.com

Highlights

	
• Importance of tax basis capital accounts
	
• Reporting negative tax basis
	
• Tax accounting for property contributed to a partnership
	
• Effect of the Ceiling Rule
	
• Allocation of depreciation to partners
	
• Alternative and Remedial Methods
	
• Effect on financial capital accounts
	
• Form 1065, Schedule K-1

Objectives

	
• Define the tax consequences and various liabilities for both partnerships and LLCs
	
• Apply rules for reporting tax basis capital accounts
	
• Identify planning opportunities and potential pitfalls

Designed For

Practitioners with partnership clients and those seeking knowledge on thorny partnership issues