In this four-hour presentation, Bruce Nelson, M.A., CPA, will focus on four perennially problem
areas partnership tax –
– Capital accounts
– Basis
– Recourse and nonrecourse liabilities
– Sale of a partnership interest
Learn more about maintaining capital accounts, calculation of basis, partner’s liabilities, and the
sale of a partnership interest.
Distinguish between “book” allocations required under Section 704(b) and “tax” allocations required under Section 704(c).
Calculate the gain that can result from reallocation of liabilities when a partner joins a partnership.
Calculate a partner’s or member’s share of recourse and nonrecourse liabilities of a partnership or LLC.
Determine the tax consequences associated with the sale of a partner’s or member’s interest in a partnership or LLC.
Allocation of partnership and LLC income under IRC Section 704(b)
Allocation of partnership recourse and nonrecourse liabilities under Sections 752 and 704(b)
Adjustments to the basis of partnership or LLC assets
Sale of an interest in a partnership or LLC
Staff and managers in public accounting who assist clients with tax planning for closely
held LLCs and partnerships
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