Skip to main content

Partnership/LLC Taxation: Tax Basis Capital Accounts

Available Until

**OnDemand**

2.0 Credits

Member Price $78.00

Non-Member Price $108.00

Overview

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.

Highlights

  • 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

Prerequisites

Basic working knowledge of partnership taxation.

Designed For

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

Objectives

  • Apply recent tax developments affecting the partnership entity and its partners

Preparation

None

Non-Member Price $108.00

Member Price $78.00