Overview
Although they are the most common entities for small and mid-sized business, financial (book) accounting for partnerships and LLCs are rarely discussed. This course examines the proper financial accounting for these tax-driven entities.
Objectives
- Apply financial accounting concepts to partnerships and LLCs
- Identify planning strategies and potential pitfalls.
Highlights
- Importance of Partnership capital accounts
- Book vs tax capital accounts
- Partnership capital contributions
- Section 704(b) capital rules and OCBOA
- GAAP balance sheet impact of capital contributions
- Bonus and Goodwill methods
- Ceiling Rule and Remedial allocations
- GAAP partner capital accounts
