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2024 Partnership Essentials: Tax Basis Capital Accounts

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2.0 Credits

Member Price $79

Non-Member Price $79

Overview

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 kori.herrera@acpen.com.

Highlights

  • Importance of capital accounts
  • Reporting negative tax basis
  • Tax accounting for property contributed to a partnership
  • Pre-contribution appreciation
  • Effect of the Ceiling Rule
  • Allocation of depreciation to partners
  • Alternative and Remedial Methods
  • Effect on financial capital accounts
  • Form 1065, Schedule K-1
  • Tax basis capital accounts

Prerequisites

Basic working knowledge of partnerships and LLCs taxation

Designed For

Practitioners with partnership clients and those seeking knowledge on thorny partnership issues

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

Preparation

None

Non-Member Price $79

Member Price $79