2024 Partnership Essentials: Tax Basis Capital Accounts
Monday, September 09, 2024
Webcast or Webinar, Online
2:00 PM - 4:00 PM (opens at 1:30 PM) EST
2Credits
Technical Business
Registration is Open
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$79.00 Regular Price
Non-Members
$109.00 Regular Price
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Course Type: Webcast
Course Code: 24/AC114773
Level: Intermediate
Vendor: ACPEN
Field of Study: Taxes
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.
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 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
Major Topics:
- 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