2024 Partnership Essentials: Tax Basis Capital Accounts
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.
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
Prerequisites
Basic working knowledge of partnerships and LLCs taxation
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
Preparation
None
Notice
This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by Accounting Continuing Professional Education Network (ACPEN).
Leader(s):
Leader Bios
Doug Van Der Aa, Federal Tax Workshops Inc
Doug has been a discussion leader for Federal Tax Workshops, Inc., for the past 11 years. He is a lively and energetic speaker – especially on the subject of taxes and ethics, and has extensive experience in leading discussions in conferences, seminars and webinars. He is a regular and highly rated speaker and seminar leader for CPA associations other organizations throughout the country. Doug has over 25 years of professional experience, including tax practice in CPA firms and the practice of transactional business and real estate law as an attorney. As a CPA, Doug’s practice concentrated on the tax needs of closely held businesses, with their related pass-through entities, complex individual returns, estates and trusts. Doug taught for 10 years as an Adjunct Instructor and for one year as Assistant Professor of Accounting and Taxation for Grand Valley State University’s Seidman College of Business, where he taught in both the undergraduate and MST programs. He earned his Bachelor of Arts degree with a major in accounting from Dordt College and his Juris Doctor from the University of Illinois College of Law.
Non-Member Price $109.00
Member Price $79.00