PARTNERSHIP PREPARATION, BASIS CALCULATIONS & DISTRIBUTIONS–FORM 1065 SCHEDULE K & K-1 ANALYSIS
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Course Details

Overview of Topics

  • Partnership Formation8 mins
  • Traditional Method39 mins
  • Distributions To Contributing Partners Within 7 Years72 mins
  • Capital Account Overview101 mins
  • Net Invest Income157 mins
  • QBI Aggregation Rules195 mins
  • Substantiality226 mins
  • Case Study - Recourse Debt - Guarantee Limited Partner270 mins
  • Case Study - Partner Basis Calculation323 mins
  • Tax Treatment to Partner352 mins
  • Overview of At-Risk Rules378 mins

Course Description

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. 

Webinar Qualifies for

  • 8 CPE credit of Taxes for all CPAs
  • 8 CE credit of Federal Tax Update for Oregon Tax Preparers
  • 8 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ )
  • 8 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273)
  • 8 CE credit of Federal Tax for Maryland Tax Preparers
  • 8 General Educational credit for Tax Professionals/Bookkeepers/Accountants

Learning objectives

  • Form a partnership and calculate the partnership’s initial inside basis in the assets and partner’s outside basis in the entity
  • Prepare a basic partnership (Form 1065) Schedule K including the reporting of cash and non-cash distributions
  • Understand how the schedule K items get allocated to the partners/members on their individual Schedule K-1
  • List the three main reasons for calculating a partner/member’s basis in a partnership/LLC
  • Calculate a partner/member’s outside basis and determine if losses and deductions are limited on their individual income tax return

About Presenter

J. Patrick Garverick, CFP, CPA

Accounting Manager,THE GARVS LLC

pat@phoenixbeach.com

Pat Garverick is a Certified Public Accountant who currently lives in the Phoenix, Arizona area. He began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country.

In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®). This role serves to enhance the knowledge he brings as he writes and presents continuing education material. Mr. Garverick is a member of the Arizona Society of Certified Public Accountants and the American Institute of Certified Public Accountants. Pat has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. His knowledge, expertise, and high energy have made him one of the profession’s most highly rated speakers. He is in a very small group of instructors that are both extremely knowledgeable and interesting.

During his time in college, Pat earned a letter as a member of the Ohio State Basketball squad. He remains a staunch supporter of the sports programs at his alma mater.

Awards & accolades

  • Multi-time winner of the California Education Foundation’s 1) Award for Instructor Excellence and 2) Award for Outstanding Course materials
  • 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. 

Phoenix Beach was developed to provide comprehensive and up-to-date educational content for business professionals of all types. As part of our mission we strive to make sure that the material we present is delivered by knowledgeable and skilled instructors so our session participants receive a great educational experience and value.

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:45
  • Question 4 : 01:00
  • Question 5 : 01:15
  • Question 6 : 01:30
  • Question 7 : 01:45
  • Question 8 : 02:00
  • Question 9 : 02:15
  • Question 10 : 02:30
  • Question 11 : 02:45
  • Question 12 : 03:00
  • Question 13 : 03:15
  • Question 14 : 03:30
  • Question 15 : 03:45
  • Question 16 : 04:00
  • Question 17 : 04:15
  • Question 18 : 04:30
  • Question 19 : 04:45
  • Question 20 : 05:00
  • Question 21 : 05:15
  • Question 22 : 05:30
  • Question 23 : 05:45
  • Question 24 : 06:00
  1. Which one of the following is loss limitation?
  2. How much a member required interest in capital to own a partnership through merger or consolidation?
  3. The books and records of the partnership may record the capital accounts based on:
  4. “Daddy Warbucks dies when the fair market value of his 60% capital and profits interest in Buckeye, LLC is $900,000. Larry, Curly & Moe each inherit 20% of the capital and profits of Buckeye and take a basis in them of $300,000 each” Known as which interest?
  5. Which are the examples of organizational costs?
  6. Which one of the following are elections made by each partner separately?
  7. What is included in qualified spousal property?
  8. To whom remedial items is not affected?
  9. Which one of the following increases Stock Basis?
  10. When an exclusion from gross income provides for COD income?
  11. Which are reasonable allocation method for pre-contribution gain or loss?
  12. To whom at risk rules is not applied?
  13. A ___________________________ balance indicates a predominant money flow outbound from a country to other countries.
  14. The _________________ is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.
  15. The amount a taxpayer is at risk in an activity at the close of a taxable year of the taxpayer is determined by:
  16. What are the different adjustment to basis of partnership property?
  17. What are the different type of leave credits?
  18. When inventory items of the partnership are considered to have appreciated substantially in value?
  19. Which is nondeductible expenses?
  20. Who is required to file Form 6198?
  21. Which activity income of property shall be treated as not from a passive activity?
  22. A tax payer must file a Form 6198 if:
  23. Which form is used for partnership income to file U.S. Income tax return?
  24. Which schedule is used for information with regard to partners owning 50% or more of partnership?
  1. What is the full form of PPP?
  2. Which from is used for disclosure of bottom dollar payment obligation?
  3. When transfers presumed to be sale?
  4. Which form is used for information on partners owning 50% or more of the partnership?
  5. Which deductions shall not be allowed to the partnership?
  6. A service partnership is a partnership substantially all the activities of which involve the performance of services in the fields of:
  7. Distribution in excess of stock basis are taxed as_______________.
  8. What is the threshold limit for married filing jointly?
  9. Loss is recognized to a partner only upon liquidation of his entire interest in the partnership, and only if the property distributed to him consists solely of:
  10. Payments made in liquidation of the interest of a retiring partner or a deceased partner shall, except as provided in below (§736(b)), be considered -
  11. In which section unrealized receivables defined?
  12. Which assets are considered Hot Assets and could result in sale or exchange tax treatment if they are distributed to the partners in proportion to their ownership interests?
  13. How do you liquidate a partnership?
  14. Where separately computed items are reported?
  15. A qualified C corporation is a closely held corporation, defined earlier, that is NOT:
  16. The at-risk rules apply to any taxpayer engaged in the activity of:
  17. As per the special rules payments in exchange for an interest in partnership property shall not include amounts paid for:
  18. Startup and organizational expenditures that are not deductible in the year in which trade or business begins would be amortized over a ___-year period consistent with the amortization period for §197 intangibles.
  19. What are the exception in which rules under sec. 751 (b) (1) shall not apply?
  20. Which form would you use to report sale of partnership interest?
  21. Which of the taxpayer’s activity shall be treated as separate activity?
  22. What is rate of Medicare contribution tax?
  23. What is included in marketable securities?
  24. Which form is used for calculate your total net investment income?
  25. What is the maximum LTCG rate for collectible gain?
  26. Which form is filed by a partnership to report the sale or exchange by a partner of all or part of a partnership interest where any money or other property received in exchange for the interest is attributable to unrealized receivables or inventory items?
  27. In the case of a sale or exchange of an interest in a partnership, gain or loss shall be recognized to the transferor partner. The gain or loss realized by the seller is the difference between:
  28. What is the maximum LTCG rate for unrecaptured section 1250 capital gain?
  29. What is included in qualified distribution?
  30. In which year congress introduced at risk rules?
  31. What is other limitations at the individual level on form 1040 included?
  32. What you mean by “Inventory items”?
  33. What is the maximum LTCG rate for residual long term capital gain or loss?
  34. Factors which tend to indicate active participation include:
  35. What are the different types of liability?
  36. The tax does not apply to a:
  37. What is the full form of MAGI?
  38. When a taxpayer shall not be considered at risk with respect to amounts protected against loss?
  39. The partnership’s basis in the contributed property is equal to __________________.
  40. Which form is used for at risk limitations?

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Reviews

4.1
(7)
29%
57%
14%
0%
0%
  • SH
    Steve Hall
    Sep 28th 2020
    NA
SC
Shershunia Calhoun , Bookkeeper
4 STARS
MR
Margaret Reisser , CPA
The course materials were not received until after the webinar had started. Please send those at least 24 hours before the webinars begin. I like to look through the materials before starting a webinar.

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On-Demand Webinars

ACCOUNTANT PREPARED A RETURN AND IT IS UNDER CRIMINAL INVESTIGATION BY THE IRS, NOW WHAT?
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GENERALLY ACCEPTED GOVERNMENT AUDITING STANDARDS: THE NEW YELLOW BOOK (LATEST FOR NON-PROFIT)
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CUTTING THE GORDIAN KNOT: ECHECK FRAUD, MOBILE BANKING FRAUD, CHECK 21 & HOLDER IN DUE COURSE
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CYBERSECURITY BASICS FOR ACCOUNTING & TAX COMMUNITY
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Ethics for Wyoming CPAs
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CYBERSECURITY ESSENTIALS FOR TAX PREPARER
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FORENSIC ACCOUNTING : VALUE ADDED SKILL FOR EVERY ACCOUNTANT
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TAX FIRM MARKETING: 5 ESSENTIAL DIGITAL STRATEGIES FOR UNCERTAIN TIMES
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COMPREHENSIVE GUIDE TO IDENTITY THEFT WITH CASE STUDIES
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UNDERSTANDING FRAUD, THE BASICS
Wednesday, October 07, 2020 View Details/Register
NEW CYBER FRAUDS & CYBERSECURITY INTERNAL CONTROLS (POST PANDEMIC)
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Accounting Changes and Error Corrections (2 CPE)
Thursday, August 27, 2020 View Details/Register
Corporate External Financial Reporting Decisions
Tuesday, September 29, 2020 View Details/Register
Internal and System Controls
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Common Issues with Financial Ratio Analysis
Tuesday, September 29, 2020 View Details/Register
  • Cost $120
  • CPE Credits 8
  • CE Credits 8
  • IRS Course ID GEHNZ-U-00245-20-S
  • CTEC Course ID 6273-CE-0252
  • Subject Area Taxes
  • Course Level Intermediate
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date August 25 ,2020
  • Published Date August 25 ,2020
  • Who should attend? Tax Attorney Tax Practitioners Accountant CPA - Small Firm CPA - Mid Size Firm Tax Pros Tax Firm Young CPA CPA in Business Entrepreneurial CPA Tax Director (Industry) Accounting Practice Owners Senior Accountant Accounts Director Entrepreneurial Accountant Tax Managers Accounting Managers Tax Preparer Staff of Accounting Firm
  • Handout Material Download Download
  • Key Terms Download

On-Demand Webinars

ACCOUNTANT PREPARED A RETURN AND IT IS UNDER CRIMINAL INVESTIGATION BY THE IRS, NOW WHAT?
Wednesday, October 21, 2020 View Details/Register
GENERALLY ACCEPTED GOVERNMENT AUDITING STANDARDS: THE NEW YELLOW BOOK (LATEST FOR NON-PROFIT)
Thursday, October 15, 2020 View Details/Register
CUTTING THE GORDIAN KNOT: ECHECK FRAUD, MOBILE BANKING FRAUD, CHECK 21 & HOLDER IN DUE COURSE
Tuesday, October 13, 2020 View Details/Register
CYBERSECURITY BASICS FOR ACCOUNTING & TAX COMMUNITY
Monday, October 12, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CYBERSECURITY ESSENTIALS FOR TAX PREPARER
Friday, October 09, 2020 View Details/Register
FORENSIC ACCOUNTING : VALUE ADDED SKILL FOR EVERY ACCOUNTANT
Thursday, October 08, 2020 View Details/Register
TAX FIRM MARKETING: 5 ESSENTIAL DIGITAL STRATEGIES FOR UNCERTAIN TIMES
Thursday, October 08, 2020 View Details/Register
COMPREHENSIVE GUIDE TO IDENTITY THEFT WITH CASE STUDIES
Thursday, October 08, 2020 View Details/Register
UNDERSTANDING FRAUD, THE BASICS
Wednesday, October 07, 2020 View Details/Register
NEW CYBER FRAUDS & CYBERSECURITY INTERNAL CONTROLS (POST PANDEMIC)
Wednesday, October 07, 2020 View Details/Register
Accounting Changes and Error Corrections (2 CPE)
Thursday, August 27, 2020 View Details/Register
Corporate External Financial Reporting Decisions
Tuesday, September 29, 2020 View Details/Register
Internal and System Controls
Tuesday, September 29, 2020 View Details/Register
Common Issues with Financial Ratio Analysis
Tuesday, September 29, 2020 View Details/Register