With the partnership business structure, the company files a Form 1065 tax return for the business, but the individual partners claim business profits and losses on their individual tax returns. Each ...
The capital account of a business contains the money left over when liabilities are subtracted from assets at the end of the fiscal year. This account may belong to one person if the business is a ...
The Tax Court addressed the proper treatment of an accounting firm’s distributions of “client-based” intangible assets, the capital accounting rules of Regs. Sec. 1.704-1(b)(2)(iv), and the tests for ...
On Thursday, the IRS released an early draft of the instructions for Form 1065, U.S. Return of Partnership Income (IR-2020-240). The IRS is accepting comments on the draft instructions for 30 days and ...
In their Real Estate Financing column, Ezra Dyckman and Charles Nelson discuss the new 2020 partnership tax basis capital account reporting requirements which "give the IRS much more visibility into ...
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