The major topics covered in this class include:
- Discussion of the impact of the Section 199A flow-though entities on partnerships and their partners
- The meaning of a "tax basis capital account" - how do the financial accounting and tax capital accounts differ from one another
- Distinguishing "recourse" loans from "nonrecourse" loans
- Review of the Section 704 "built-in gain or loss" rules and how they impact Schedule K-1 reporting
- Review of the Section 465 "at-risk" rules ad how they impact Schedule K-1 reporting