29 Jul WHAT IS A TAX-BASIS CAPITAL ACCOUNT, AND WHAT TYPE OF TAX-RELATED INFORMATION DOES IT PROVIDE?
What is a flow-through
entity, and what effect does this designation have on how business
entities and their owners are taxed?
[LO 1] What types of
business entities are taxed as flow-through entities?
[LO 1] Compare and contrast the aggregate and
entity concepts for taxing partnerships and their partners.
[LO 2] What is a
partnership interest, and what specific economic rights or entitlements
are included with it?
[LO 2] What is the rationale for requiring
partners to defer most gains and all losses when they contribute property
to a partnership?
[LO 2] Under what circumstances is it possible for partners to
recognize gain when contributing property to partnerships?
[LO 2] What is inside
basis and outside basis, and
why are they relevant for taxing partnerships and partners?
[LO 2] What is recourse and nonrecourse debt, and how is each
generally allocated to partners?
[LO 2] How does the
amount of debt allocated to a partner affect the amount of gain a partner
recognizes when contributing property secured by debt?
[LO 2] What is a tax-basis capital account, and what type of
tax-related information does it provide?
[LO 2] Distinguish between a capital interest and a profits
interest, and explain how partners and partnerships treat when exchanging
them for services provided.
[LO 2] How do partners who purchase a partnership interest
determine the tax basis and holding period of their partnership interests?
[LO 3] Why do you think partnerships, rather than the
individual partners, are responsible for making most of the tax elections
related to the operation of the partnership?
[LO 3] If a partner with
a taxable year-end of December 31 is in a partnership with a March 31
taxable year-end, how many months of deferral will the partner
receive? Why?
[LO 3] In what situation will there be a common year-end for
the principal partners when there is no majority interest taxable year?
[LO 3] Explain the least aggregate deferral test for
determining a partnership’s year end and discuss when it applies.
[LO 3] When are partnerships eligible to use the cash method of
accounting?
[LO 4] What is a partnership’s ordinary business income (loss)
and how is it calculated?
[LO 4] What are some
common separately stated items, and why must they be separately stated to
the partners?
[LO 4] Is the character
of partnership income/gains and expenses/losses determined at the
partnership or partner level? Why?
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