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.
Learning Objectives
Apply financial accounting concepts to partnerships and LLCs Identify planning strategies and potential pitfalls.
Major Topics
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
