"This first of two partnership tax courses taught by Gary McBride covers strategies involving partnership structure (LLC, LLP, GP, LP, etc.), formation of the partnership, tax and book basis capital account tracking, allocations of income, gains, losses, and expenses, and the determination of partner debt share. Attendees will learn how to interpret modern partnership agreements which contain target allocations that place a greater responsibility on the Form 1065 preparer. The competing interes
9:30 AM - 5:30 PM
Gary R. McBride JD, CPA, LLM
Online registration is closed.
This first of two partnership tax courses taught by Gary McBride covers strategies involving partnership structure (LLC, LLP, GP, LP, etc.), formation of the partnership, tax and book basis capital account tracking, allocations of income, gains, losses, and expenses, and the determination of partner debt share. Attendees will learn how to interpret modern partnership agreements which contain target allocations that place a greater responsibility on the Form 1065 preparer. The competing interests of the partner that contributes cash, property, or services relative to the other partners, are explored. The course will also identify tax traps involving partner-level loss limits outside basis, at-risk and passive loss.
Significant current developments are highlighted throughout, including numerous recently proposed regulations such as those on partners' debt share and partner guarantees.
Course materials include a fully linked 19 chapter eBook covering partnerships from formation to termination. PPT slides are used extensively to reinforced concepts and the slides are available to attendees.
Identify alternative ways to structure a partnership to optimize tax benefits and minimize partner non-tax liability.
Define the fundamental tax concepts relating to formation and operation of a partnership.
Recognize the crucial role of partner tax and book capital accounts and learn how to track book basis capital accounts.
Recall target allocations in modern partnership agreements.
Recognize the competing strategies that arise when partners contribute cash, property, or services to a partnership.
Understand the flexibility and limits on allocations of income, gains, losses and expenses among partners.
Learn how to properly allocate partnership recourse and nonrecourse debt to the partners and understand the consequences.
Recognize traps and opportunities involving partners' ability to claim losses due to outside basis limits, at-risk limits, and passive loss limits.
State law entity structure for partnerships
Partner contributions of cash, property, or services
Comparison of tax basis and book basis capital accounts
Tracking of book basis capital accounts
Modern partnership agreements and target allocations
Allocations of income, gains, losses and expenses
Partners' share of partnership recourse and nonrecourse debt
Guarantees by partners and LLC members.
Partner-level loss limits: outside basis, at-risk, and passive loss
Attorneys; CPAs who prepare forms 1065, 568, 565 and K-1 for partnerships and LLCs; and CPAs who prepare partner income tax returns or forms 1040 or 1120, or who advise partners on tax-smart strategies.
Prerequisite: General knowledge in partnership taxation.
Advanced Prep: None
Speaker: Gary R. McBride JD, CPA, LLM
Field of Study: Taxes
CPE Credit: 8 Hours
Meet the Speaker:
Gary R. McBride, J.D., LL.M. (Taxation), attorney, CPA is a professor and director of the Graduate Tax Program at California State University. He also is a consultant to Froshman, Billings, and Williams, CPAs. He has worked for the Internal Revenue Service as a revenue agent, special agent, and technical advisor in the IRS National Office. In addition to tax matters in general, he specializes in mergers and acquisitions, partnership tax, estate and gift tax, and international taxation and continually writes for and lectures to tax professionals.