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 terri.storer@acpen.com
Learning 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
Major Topics
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
