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: