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 provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by ACPEN. Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.