Overview
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 kori.herrera@acpen.com.
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
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
