Identify and distinguish guaranteed payments, distributive shares, and draws liquidating distributions of cash or property. Understand the relationship between capital account maintenance and outside basis adjustment. Examine various partnership liabilities and explain the tax consequences of each Highlights
Capital accounts: book vs. tax issues
Dealing with debt: recourse, nonrecourse, and why it matters
Determining basis: key issues and technical analysis in calculating basis
Guaranteed payments, distributive shares, and draws: understanding the difference
Summary of important provisions of the Tax Cuts and Jobs Act
Registration
PICPA Member: $139 Nonmember: $189
More Information
Course No. 766200Level: Intermediate
Prerequisites:
None
Speaker(s)
Michael Reilly
Michael E. Reilly, CPA, ChFC, CLU, CASL Sole
Practitioner
Michael E. Reilly, CPA,
is a sole practitioner with offices in West Chester, PA. His
practice focuses on tax and financial planning and consulting for
individuals and small businesses.
In addition to maintaining his practice, Mr. Reilly has been an adjunct
professor at several colleges and was a visiting professor of Economics and
Business at Lafayette College.
Mr. Reilly earned his bachelor’s degree in business administration with an
accounting concentration from Temple University and his master of taxation
degree from Villanova University School of Law. He also holds the Chartered
Financial Consultant (ChFC) and Chartered Life Underwriter (CLU)
designations from the American College.