Partnership Essentials: Tax Basis Capital Accounts

Instructor

Doug
Van Der Aa

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.

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

CPE Credits Available

2 CPE

2: Taxes

Things to Know About This Course

Course Level

Intermediate

Professional Area of Focus

Taxes

Advanced Preparation

None

Intended Audience

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

Provider

ACPEN