Partnership/LLC Taxation: Tax Basis Capital Accounts

Description

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 - these are required for tax form reporting.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics covered in this class include:

• Discussion of the impact of the Section 199A flow-though entities on partnerships and their partners
• The meaning of a "tax basis capital account" - how do the financial accounting and tax capital accounts differ from one another
• Distinguishing "recourse" loans from "nonrecourse" loans
• Review of the Section 704 "built-in gain or loss" rules and how they impact Schedule K-1 reporting
• Review of the Section 465 "at-risk" rules ad how they impact Schedule K-1 reporting

Objectives

After attending this presentation you will be able to...

• Know how to determine a partner's share of the partnership's liabilities
• Understand what "qualified nonrecourse financing" loans are and how they affect partners
• Provide an update of the recent changes affecting the partnership entity and its partners

Designed For

CPAs in public practice and industry seeking an update on the latest tax developments affecting partnerships.