PPTR
SURGENT McCOY'S PRACTICAL GUIDE TO PREPARING PARTNERSHIP AND LLC FEDERAL
TAX RETURNS
This course provides the practitioner with a comprehensive practical discussion of the preparation of Form 1065 for tax partnerships. It highlights differences between the general partnership, limited partnership, and limited liability company.
Major topics include:
- Line-by-line analysis of the Form 1065
- Distinguishing between bottom-line income or loss and separately stated items of income and loss
- Maintenance of capital accounts and how they relate to the tax return
- Allocation of tax items on the new Schedule K-1, including special allocations
- Understanding the impact of the liabilities as recourse or nonrecourse on tax basis and at-risk basis
- Methods-of-accounting issues, accounting-period issues, and varying interests of investors during the reporting period
- Distributions
- Practical compliance tips and planning issues
Designed for: All levels of staff and company controllers responsible for filing these forms.
Level of knowledge: Basic
Field of study: Taxation
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