Partnership Preparation, Basis Calculations & Distributions–Form 1065 Schedule K & K-1 Analysis

This comprehensive training is designed to get the accountant up to speed quickly with partnership and limited liability company (LLC) formation and preparation issues as well as a complete understanding of calculating a partner and LLC member’s basis. The cornerstone of this course is the in-depth line-by-line analysis of the Form 1065 Schedule K and K-1 and how these items affect the partner/member’s individual income tax return. Each attendee will receive the most comprehensive reference manual with numerous practice aids and real-world examples and case studies.

MAJOR TOPICS COVERED :

• An extensive review of the partnership tax laws with an emphasis on any new legislative changes (SECURE & CURES Act)
• Review the Form 1065 to learn how income statement items get reported on the partnership/LLC tax return (i.e. page 1 ​versus Schedule K) and flow-thru to the partner/members on Schedule K-1
• Analyze the Schedule K-1 line-by-line and discuss where the items get reported on the individual’s Federal income tax return and how the items affect the partner/member’s outside basis
• Look at what relevant information related to the 3.8% net investment income tax needs to be reported to the partners/members
• Formation issues including the mandatory allocation of the §704(c) pre-contribution gain or losses back to the contributing partner/member
• The purpose of tax and §704(b) book capital account
• Reporting recourse and non-recourse debt on the Schedule K-1
• Tax ramifications and reporting of cash and non-cash distributions including disproportionate distributions of “hot assets”
• Overview of the §754 election for optional basis adjustments triggering §743 (transfer of interests) and §734 (distributions)

J. Patrick Garverick is one of the most admired and best-reviewed Tax Speaker in the country and we are offering the classes at a much-discounted price during the pandemic. His courses have been best-reviewed time and again 

• For Quality of Content
• For Relevance and Practical Case studies
• For Best Teaching Approach
• For Best Course Material

Awards and Accolades

• Award for Instructor Excellence for California Education Foundation
• Award for Outstanding Course materials for California Education Foundation.
• Rated top tax instructor in nearly every location he has presented 
• One of the few instructors to have received perfect scores (multiple times) from attendees for both presentation skills and knowledge. 

After registering for this webinar you will get Free E-Book worth $200. The book would be emailed to you, a day before the webinar on your registered email address on myCPE. The book is copyright protected.