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The Complex Area of Partnership Allocations - Properly Dividing Up the Items on the Form 1065 - 6665
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Properly calculating each partner’s share of the partnership’s income, as well as any adjustments needed due to the existence of an election under §754, poses a number of challenges the CPA must deal with. This two hour session will look at some of the key issues in this area to enable the CPA to understand this complex area of the law.

 Export to Your Calendar 10/4/2016
When: 2:00 PM - 4:00 PM
Where: Webinar/Webcast
United States
Contact: April Deneault

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Acronym ED081W
CPE 2 hours
Category
Taxation
Level Intermediate
Vendor Nichols Patrick CPE
Who should attend

All CPAs

Prerequisite
None
Fees: Early Bird
Standard
Member N/A
$79
Non-Member: N/A
$79

Description 
Properly calculating each partner’s share of the partnership’s income, as well as any adjustments needed due to the existence of an election under §754, poses a number of challenges the CPA must deal with. This two hour session will look at some of the key issues in this area to enable the CPA to understand this complex area of the law.

 


Specific topics include:

  • Dealing with pre-contribution basis differences and the options under §704(c) to deal with these items
  • Understanding what a CPA should look for in a partnership agreement to insure allocations in the agreement will be respected for tax purposes
  • The importance (and potential liability to the CPA) of partnership book capital accounts under §704(b)
  • Proper division of the partners’ allocable shares of partnership debt—and why it really does matter

Objectives

  • Learn the pre-contribution basis differences and the options under §704(c)
  • The proper division of the partners’  allocable shares of partnership debt
  • The importance (and potential liability to the CPA) of partnership book capital accounts under §704(b)

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