Partnership/LLC Taxation: Tax Basis Capital Accounts Webinar

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:

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