Awesome Video Thanks! Couple of questions if you don't mind; 1. Now that capital accounts on the 1065 are required to be reported on tax basis, do 704(b) capital accounts have to be tracked outside the 1065? 2. Are additional allocations related to QIO just for 704(b) capital purposed? or are the potential additional income allocations also for taxable income purposes?
Thanks for questions. 1) Yes. 2) They are for taxable income purposes. The idea is that without the QIO you couldn't do a curing allocation to fix the issue. This provisions allows it and the IRS/Treasury want to ensure that a taxpayer that gets tax benefits one year has to recoup those benefits in the future if these specific situations occur. Hope that helps!
Explore the Internal Revenue Code I would love to see a video on targeted allocations, as well as a video on basic waterfall calculations for a partnership!
Hi, Frannie. I recommend The Logic of Subchapter K by Laura and Noel Cunningham. Here is a link on Amazon to the most recent edition of the book: www.amazon.com/Subchapter-Conceptual-Taxation-Partnerships-Coursebook/dp/1634604725/ref=sr_1_1?ie=UTF8&qid=1509980815&sr=8-1&keywords=logic+of+subchapter+k&dpID=41FJstP8tvL&preST=_SX218_BO1,204,203,200_QL40_&dpSrc=srch .
Hi, which of your videos talks about no recourse loan? Thank you!
Awesome Video Thanks! Couple of questions if you don't mind;
1. Now that capital accounts on the 1065 are required to be reported on tax basis, do 704(b) capital accounts have to be tracked outside the 1065?
2. Are additional allocations related to QIO just for 704(b) capital purposed? or are the potential additional income allocations also for taxable income purposes?
Thanks for questions. 1) Yes. 2) They are for taxable income purposes. The idea is that without the QIO you couldn't do a curing allocation to fix the issue. This provisions allows it and the IRS/Treasury want to ensure that a taxpayer that gets tax benefits one year has to recoup those benefits in the future if these specific situations occur. Hope that helps!
@@ExploretheCode Thank you!!
Awesome!
Thank you!!
Thank you and please do a video on targeted allocations including examples
Hi, Arshia. Thank you for your feedback. I'll add this topic to my list.
Explore the Internal Revenue Code I would love to see a video on targeted allocations, as well as a video on basic waterfall calculations for a partnership!
Yes - Targeted Allocations and Waterfall Allocations would be great!
Which textbook do you recommend in conjunction with your lectures?
Hi, Frannie. I recommend The Logic of Subchapter K by Laura and Noel Cunningham. Here is a link on Amazon to the most recent edition of the book: www.amazon.com/Subchapter-Conceptual-Taxation-Partnerships-Coursebook/dp/1634604725/ref=sr_1_1?ie=UTF8&qid=1509980815&sr=8-1&keywords=logic+of+subchapter+k&dpID=41FJstP8tvL&preST=_SX218_BO1,204,203,200_QL40_&dpSrc=srch .
Great, thanks so much. Look forward to watching more of your lectures.
Thanks for your support! I plan on adding plenty more videos in the future.
This guy talks too fast, but I like the information!
Play at lower speed LOL. At 50% he sounds high and drunk. Very funny