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Reviewing Partnership Tax Returns: What Are You Missing?

Overview

Strategies to help reviewers catch errors in partnership and LLC tax returns before they are submitted.

Prerequisites

Experience with partnership tax return preparation

Objectives

  • Identify the mechanics of a partnership's tax return, including partner capital account calculations and permissible tax years.
  • Determine the proper allocation of recourse liabilities among partners.
  • Analyze the consequences of a new partner joining a partnership.
  • Determine depreciation expense among the contributing and noncontributing partners under Section 704(c).
  • Determine the value of assets with nonrecourse liabilities.

Highlights

Common errors made involving the following:

  • Form 1065
  • Schedules K and K-1
  • Schedules M-1 and M-2
  • Calculating recourse and nonrecourse liabilities
  • Partner inside and outside basis
  • Partner's capital account analysis
  • Sections 704(b), 704(c), 721, 722, 732(b), 734(b), 737, 743(b)

    Register Now

    Materials are generally available 3 days in advance of an event. Once you have downloaded the manual, we are unable to cancel your registration.

    • Event Code:

    4902203

    4 CPE Credits
    Tax: 4 Credits

    Registration

    Member Price:
    $225
    Non-member Price:
    $269

    Registration is open through 10/21.

    Tuesday, October 21st

    9:00am to 1:00pm

    Add to Calendar

    Instructor

    Larry Tunnell

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