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Partnership/LLC Taxation: Tax Basis Capital Accounts

  • 06/02/2021
  • 11:00 AM - 1:00 PM
  • Webinar - CPA Crossings

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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 - these are 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.

Learning Objectives:

  • 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
Program Content:
  • 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

Designed for: CPAs in public practice and industry seeking an update on the latest tax developments affecting partnerships.

Level: Intermediate

Instructor: Steven C. Dilley, CPA, JD, PhD

Developer: Federal Tax Workshops, Inc

CPE Credits: 2

Area of Study: Taxes

Prerequisite: Basic working knowledge of partnership taxation.


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