Surgent's Guide to Partner Capital Account Reporting
Friday, June 28, 2024
Webcast or Webinar, Online
1:00 PM - 3:00 PM (opens at 12:30PM) EST
2Credits
Technical Business
Registration is Closed
Online registration for this course is now closed. Please contact the Member Service Center at (800) 342-3197 if you wish to inquire about registering.
Members
$99.00 Regular Price
Non-Members
$129.00 Regular Price
Course Type: Webcast
Course Code: 24/SUCPMB20
Level: Basic
Vendor: Surgent
Field of Study: Taxes
Overview:
Tax practitioners are responsible for presenting partner capital accounts on the tax basis. But what does this mean and how have rules changed in recent years regarding partner capital accounts? This webinar covers exactly that. For tax practitioners preparing partnership 1065 forms, this course explains these complex rules in practical and understandable terms.Objectives:
- Understand how a partner determines and reports his or her tax basis capital account
Major Topics:
- How a partner’s outside basis and capital account differ
- Reconciling Schedule M-2 Form 1065 with Partnership K-1 Schedule L
- IRS requirement to report partner tax basis on the transactional approach
- Implications if a capital account is negative
- Deficit restoration accounts and qualified income offsets
- Modified outside basis method and modified previously taxed capital method
- Determining a partner’s beginning capital account
- Beginning capital account for partnerships and partners consistently reporting on the tax basis
- The two types of adjustments under 754 and how 743 and 734 require different capital account presentations
Major Topics:
- How a partner’s outside basis and capital account differ
- Reconciling Schedule M-2 Form 1065 with Partnership K-1 Schedule L
- IRS requirement to report partner tax basis on the transactional approach
- Implications if a capital account is negative
- Deficit restoration accounts and qualified income offsets
- Modified outside basis method and modified previously taxed capital method
- Determining a partner’s beginning capital account
- Beginning capital account for partnerships and partners consistently reporting on the tax basis
- The two types of adjustments under 754 and how 743 and 734 require different capital account presentations