This first of two partnership tax courses taught by Gary McBride covers strategies involving partnership structure and formation; tax and book basis capital account tracking; allocations of income, gains, losses and expenses; and determination of partner debt share. Attendees will learn how to interpret modern partnership agreements that contain "target allocations" that place a greater responsibility on the Form 1065 preparer. We'll also explore competing interests of the partner that contributes cash, property or services relative to the other partners, as well as identify tax traps involving partner-level loss limits.
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