Common errors made involving the following tax forms: • Form 1065
• Schedules K and K-1
• Schedules M-1 and M-2
• Form 4562
• Form 4797
Learning Objectives
When you complete this course, you will be able to: • Identify common mistakes made on partnership tax returns.
• Calculate the balance in the partners’ capital accounts and enter the results on Form 1065 and on the Schedules K-1.
• Identify the purposes of Schedules L, M-1, and M-2. Recognize the tax treatment, both at the partner and the partnership level, of guaranteed payments to a partner.
• Identify and report Section 1202 gains on Form 1065.
• Determine the ordinary loss to the partners from the sale of Section 1244 stock.
• Determine how installment sales are taxed and disclosed by partnerships.
• Determine book value following a revaluation of LLC or partnership assets.
• Determine strategies to avoid making mistakes on partnership tax returns.
Major Topics
Common errors made involving the following tax forms: • Form 1065
• Schedules K and K-1
• Schedules M-1 and M-2
• Form 4562
• Form 4797
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