June 20, 2018


In-Person

Spectrum Beach Club
925 Beach Club Trl, Gulf Shores, Baldwin County, Alabama 36542-8142


4 Total CPE Credits

product-artwork-658386

K-1 Boot Camp for LLCs

  • Instructor

    Michael Frost

Learning Objectives

  • Understand complicated issues of partnership and LLC Schedule K-1 reporting issues
  • Complete a comprehensive problem related to "at-risk" recapture

Major Topics

  • Review of common and not-so-common line items on Forms 1065 Schedules K-1
  • Discuss a proposal for a yet to be developed new tax form, which calculates basis, designed to be attached to individual returns
  • Numerous examples of special allocation issues of 704, including economic effect, the "dumb-but-lucky" rule, and substantiality
  • Determining substantiality, with examples of "some help, no hurt" allocations
  • Advanced case for tracking a multitude of Schedule K-1 line items through Form 6251
  • Case study finding "at-risk" hidden gains within Schedule K-1
  • Partners' capital accounts and method of maintaining them
  • When sales of depreciable property are not reported on Form 4797
  • Practical case and examples of the proper allocation of recourse and non-recourse liabilities
  • Finding hidden gains within partnership/LLC Schedule K-1
  • Practical look at what options taxpayers have if they receive a Schedule K-1 that includes an error

CPE Credits Available

4
Total CPE
4
Taxes

Spectrum Beach Club

925 Beach Club Trl, Gulf Shores, Baldwin County, Alabama 36542-8142

Get Directions

Things to Know About This Course

Course Level

  • Intermediate

Professional Area of Focus

  • Tax

Prerequisites

Basic knowledge of federal taxation

Advanced Preparation

None

Intended Audience

Experienced CPAs seeking an in-depth study of this ubiquitous tax schedule

Provider

Surgent McCoy CPE

This event has ended.