2024 Partnership Essentials: Tax Basis Capital Accounts

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  • Location
    • Your Computer
      Your Space
      ISCPA / ACPEN Webinar, ID 00000
  • Credits
    • 1.00
  • Credit Type(s)
    • Personnel / HR (1.00)
  • Prerequisites
    • Basic working knowledge of partnerships and LLCs taxation

  • Vendor
    • ACPEN
  • Level
    • Beginning
  • Fields of Study
    • Personnel/Human Resources
  • Message
    • Virtual Experience

Description

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.



  • Presented by Kelly Simants

    • Delivery Format: Live Webcast Replay

    Designed For

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

    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

    Highlights

    • 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

    Advanced Prep

    None

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    Leaders

    ACPEN Panel

    No Biography Available

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