2024 Partnerships/LLCs: Understanding Tax Basis Capital Accounts
Tuesday, January 07, 2025
Webcast or Webinar, Online
7:00 PM - 8:55 PM (opens at 6:30 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/AC148843
Level: Intermediate
Vendor: ACPEN
Field of Study: Taxes
Overview:
This program addresses the most recent developments impacting partnerships operating as LLCs, with a focus on legislative, administrative, and tax form changes. Emphasis will be placed on partners “tax basis” capital accounts – now required for tax form reporting.
**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 [email protected].
Objectives:
- Identify recent changes impacting the partnership entity and its partners
Major Topics:
- Discussion of the impact of the Section 199A flow-through entities deduction on partnerships and their partners
- The meaning of a “tax basis capital account” -- how do the financial accounting and tax capital accounts differ from one another
- How to determine a partner’s share of the partnership’s liabilities
- Distinguishing “recourse” loans from “nonrecourse” loans
- What are “qualified nonrecourse financing” loans and how they affect partners
- Review of the Sec. 704 “built-in gain or loss” rules and how they impact Schedule K-1 reporting
Major Topics:
- Discussion of the impact of the Section 199A flow-through entities deduction on partnerships and their partners
- The meaning of a “tax basis capital account” -- how do the financial accounting and tax capital accounts differ from one another
- How to determine a partner’s share of the partnership’s liabilities
- Distinguishing “recourse” loans from “nonrecourse” loans
- What are “qualified nonrecourse financing” loans and how they affect partners
- Review of the Sec. 704 “built-in gain or loss” rules and how they impact Schedule K-1 reporting