2024 Partnership Essentials: Tax Basis Capital Accounts
2.00 Credits
Member Price $79
Non-Member Price $109
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
Leader(s):
Leader Bios
Douglas Van Der Aa, Federal Tax Workshops
Doug Van Der Aa, CPA, J.D., has been a discussion leader for Federal Tax Workshops, Inc., for the past 10 years. He has extensive experience in leading discussions in conferences, seminars and webinars. Doug has over 20 years of experience, including tax practice in CPA firms and the practice of transactional business and real estate law as an attorney. Formerly, Doug was a tax manager with Hungerford, Aldrin, Nichols & Carter, P.C. in Grand Rapids, Michigan, where his practice concentrated on the tax needs of mid-sized closely held businesses, with their related pass-through entities, complex individual returns including AMT issues, together with their estates and trusts.
Non-Member Price $109
Member Price $79