Capital Accounts: 704(b) vs. GAAP vs. Tax Basis: Comparing and Contrasting Annual Allocations
Meeting New Tax-Basis Capital Reporting Requirements
A live 110-minute CPE webinar with interactive Q&A
This webinar will address calculating and maintaining partners' capital account balances under 704(b), GAAP, and tax-basis reporting requirements. Our panel of partnership experts will explain the importance of each method, compare and contrast annual recording differences for each, and discuss how to properly maintain these capital account balances for each partner. They will also offer insights into reconciling other methods to tax to comply with the current negative tax-basis reporting requirements and upcoming tax-basis reporting requirements for all capital accounts.
Outline
- Partnership capital accounts--an overview
- GAAP
- Relative authority
- IFRS and similar methods
- Maintenance
- 704(b)
- Respecting partners' agreed-upon allocations
- Revaluations and restatements
- Maintenance
- Tax
- Defining the undefined
- Subchapter K and 704(b)
- Maintenance
- Reporting issues
- Negative tax capital
- Tax basis capital
Benefits
The panel will review these and other vital issues:
- Respecting partnership allocations and 704(b)
- Reconciling other methods to tax basis capital
- Revaluations and restatement of capital accounts under 704(b)
- Schedule K principles and its application to 704(b) and tax capital account reporting
- Implications of negative tax capital accounts
- Determining tax basis capital to meet recent requirements
Faculty
Nancy L. Langdon
Managing Director
PwC
Ms. Langdon has 16 years of experience working with clients on a broad range of tax issues and specializes in complex... | Read More
Ms. Langdon has 16 years of experience working with clients on a broad range of tax issues and specializes in complex partnership income tax matters including post acquisition integrations, contributions, distributions, allocations, formations, terminations, conversions, and debt restructuring. Prior to joining the M&A group, she provided tax consulting and compliance services in PwC's Phoenix office, primarily focusing on federal and state income taxes for public and private C-Corporations (including ASC 740 and FIN 48), S-Corporations, partnerships, not-for-profit entities, and high wealth individuals.
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Megan Stoner
Senior Manager
PwC
Ms. Stoner specializes in partnership taxation. She has significant experience assisting clients with complex... | Read More
Ms. Stoner specializes in partnership taxation. She has significant experience assisting clients with complex partnership transactions, from partnership formations to operational issues and unwind transactions. Ms. Stoner’s background includes advising on the federal tax implications of partnership debt restructuring transactions, property contributions and distributions, Section 704(b) revaluations in capital accounts, partner allocations of taxable income including Section 704(c) allocations, application of the disguised sale rules, liability allocations, basis adjustments and the treatment of contractual alliances. She is a former attorney-advisor at the IRS Office of Chief Counsel, Passthroughs & Special Industries division where she drafted the Section 108(e)(8) partnership debt for equity regulations and other published guidance affecting partnerships, S corporations and trusts.
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