Partnership/LLC Taxation: Tax Basis Capital Accounts

CPE Credit:

Overview

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, now 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.

Field of Study:

Taxes (2.0 CPE)

Instructor

Instructor:

Steven C. Dilley, CPA, JD, PhD

Additional Details

Who should attend:

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

Program Level:

Intermediate

Program Content:

The major topics that will be covered in this class include:

Discuss the impact of the Section 199A flow-through entities deduction on partnerships and their partners
The meaning of a “tax basis capital account”
How the financial accounting and tax capital accounts differ from one another
Determine a partner’s share of the partnership’s liabilities
Distinguish “recourse” loans from “nonrecourse” loans
What are “qualified nonrecourse financing” loans and how they affect partners
Section 704 “built-in gain or loss” rules and how they impact Schedule K-1 reporting
Section 4655 “at risk” rules and how they impact Schedule K-1 reporting

Learning Objectives:

After attending this presentation you will be able to…

Apply recent tax developments affecting the partnership entity and its partners

Prerequisites:

Basic working knowledge of partnership taxation.

Advanced Preparation:

None

Developed By:

Federal Tax Workshops, Inc

Format:

Group-Internet-Based

Course Code:

FTSDTBC2

Registration:

$89.00

Attendee Information

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