How a partners ending capital account balance is determined

Reference no: EM13944347

1. What is a guaranteed payment? How is it reported on Form 1065 and its various schedules? How is it reported to and by the partner?

2. What is the purpose of the three rules that implement the economic effect test?

3. Discuss the adjustments that must be made to a partner's basis in the partnership interest. When are such adjustments made?

4. What is a partner's capital account? Describe how a partner's ending capital account balance is determined.

5. When is partnership income subject to self-employment tax or the net investment income tax by an individual partner?

6. Discuss situations in which the partnership entity form might be more advantageous (or disadvantageous) than operating as a Subchapter C or S corporation.

Reference no: EM13944347

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