Partnership/LLC Taxation: Tax Basis Capital Accounts
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. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Highlights
The major topics that will be covered in this class include:
- Discuss the impact of the Section 199A flow-through entities deduction on partnerships and their partners
- The meaning of a "tax basis capital account"
- How the financial accounting and tax capital accounts differ from one another
- Determine a partner's share of the partnership's liabilities
- Distinguish "recourse" loans from "nonrecourse" loans
- What are "qualified nonrecourse financing" loans and how they affect partners
- Section 704 "built-in gain or loss" rules and how they impact Schedule K-1 reporting
- Section 4655 "at risk" rules and how they impact Schedule K-1 reporting
Prerequisites
Basic working knowledge of partnership taxation.
Designed For
CPAs in public practice and industry seeking an update on the latest tax developments affecting partnerships.
Objectives
After attending this presentation you will be able to...
- Apply recent tax developments affecting the partnership entity and its partners
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 CPA Crossings.
Leader(s):
Leader Bios
Steven Dilley PhD, Federal Tax Workshops Inc
Steven C. Dilley is a professor at Michigan State University where he teaches tax accounting. He obtained his PhD in accounting from the University of Wisconsin-Madison in 1972. In 1969 he also received a law degree and an undergraduate accounting degree from UW-Madison. He is a member of the Wisconsin Bar Association, the American Bar Association, the Wisconsin Institute of CPAs, the Michigan Association of CPAs, the American Accounting Association, the American Institute of CPAs, the American Taxation Association, and the Hawaii Association of Public Accountants. Steve is the President of the Federal Tax Workshops, Inc. This organization prepares continuing education materials and presents continuing education programs for accountants and attorneys throughout the United States. Steve is nationally known for his knowledge of taxation in general and especially for his knowledge of the financial, accounting, and tax problems of the closely held business. He has published numerous articles on those topics.
Non-Member Price $119.00
Member Price $89.00