DESIGNED FOR
CPAs in public practice and industry seeking an update on the latest tax developments affecting partnerships.
BENEFITS
After attending this presentation you will be able to...
- Know how to determine a partner's share of the partnership's liabilities
- Understand what "qualified nonrecourse financing" loans are and how they affect partners
- Provide an update of the recent changes affecting the partnership entity and its partners
HIGHLIGHTS
The major topics covered in this class include:
- Discussion of the impact of the Section 199A flow-though entities 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
- Distinguishing "recourse" loans from "nonrecourse" loans
- Review of the Section 704 "built-in gain or loss" rules and how they impact Schedule K-1 reporting
- Review of the Section 465 "at-risk" rules ad how they impact Schedule K-1 reporting
COURSE LEVEL
Intermediate
PREREQUISITES
Basic working knowledge of partnership taxation.
ADVANCE PREPARATION
None