November 30, 2022


2 Total CPE Credits


Surgent's Introducing Partner Capital Account Reporting

Learning Objectives

  • Understand how a partner determines and reports his or her tax basis capital account for 2021 and after

Major Topics

  • How a partner’s outside basis and capital account differ
  • Reconciling Schedule M-2 Form 1065 with Partnership K-1 Schedule L
  • IRS requirement to report partner tax basis on the transactional approach
  • Implications if a capital account is negative
  • Deficit restoration accounts and qualified income offsets
  • Modified outside basis method and modified previously taxed capital method
  • Determining a partner’s beginning capital account for 2021
  • Beginning capital account for partnerships and partners consistently reporting on the tax basis

CPE Credits Available

Total CPE

Things to Know About This Course

Course Level

  • Basic


Basic understanding of tax rules relating to partnerships and partners

Advanced Preparation


Intended Audience

Any tax practitioner who will be preparing partnership income tax returns for 2021 or 2022


Surgent McCoy CPE

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    $ 99 99
  • ASCPA Non-Member

    $ 149 149
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