Common errors made involving the following: • Form 1065
• Schedules Kand K-1
• Schedules M-1 and M-2
• Calculating recourse and nonrecourse liabilities
• Partner inside and outside basis
• Partner's capital account analysis
• Sections 704(b), 704(c), 721, 722, 732(b), 734(b), 737, 743(b)
Learning Objectives
When you complete this course, you will be able to: • Identify the mechanics of a partnership's tax return, including partner capital account calculations and permissible tax years.
• Determine the proper allocation of recourse liabilities among partners.
• Analyze the consequences of a new partner joining a partnership.
• Determine depreciation expense among the contributing and noncontributing partners under Section 704(c).
• Determine the value of assets with nonrecourse liabilities.
Major Topics
Common errors made involving the following: • Form 1065
• Schedules Kand K-1
• Schedules M-1 and M-2
• Calculating recourse and nonrecourse liabilities
• Partner inside and outside basis
• Partner's capital account analysis
• Sections 704(b), 704(c), 721, 722, 732(b), 734(b), 737, 743(b)