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What Is a Section 754 Election? Discover the ins and outs of a Section 754 Election in our latest video! Dive into the intricacies of this tax provision for partnerships, exploring how it impacts the basis of partnership property during distributions and transfers. Learn how this election can help prevent double taxation and align inside and ...

Welcome to another insightful episode of Tax Blueprints, brought to you by Rohr CPAs! In this episode, our host, Daniel Rohr, managing shareholder of Rohr and Associates, demystifies the intricate provisions of the Internal Revenue Code - Section 754. Section 754 is a powerful tax provision that allows partnerships to adjust the basis of their ...

Click here for more https://www.elifinancial.com/taxation/section-754-elections-theory-practice Section 754 Elections: Theory & Practice Learn how with tax expert Vicki L. Mulak, EA, CFP®. In this live webinar, she runs you through the details of making a 754 election. Plus, she’ll explain partnerships and LLCs and show you how to equalize ...

Overview When a purchaser buys an existing partner’s partnership interest, or the interest of a member of a limited liability corporation (LLC) taxed as a partnership, the amount paid becomes the basis for the purchaser’s partnership interest (outside basis). If the partnership’s assets have appreciated sufficiently, the difference ...

The tax consequences to both the seller and buyer with respect to a sale and transfer of a partnership interest.

Federal tax law in the U.S. comes from 3 sources: (1) Statutory This includes the Internal Revenue Code (created by Congress), tax treaties, and the U.S. Constitution. (2) Administrative This includes Treasury Regulations (issued by the Treasury Department) and Revenue Rulings and Revenue Procedures (issued by the IRS). (3) Judicial This ...

Understand the fundamentals for how US GAAP requires companies to book income tax expense under ASC 740. Learn how to identify a temporary difference, what journal entries to record, and how to determine whether a difference creates a Deferred tax liability, DTL, or a Deferred tax asset, DTA. Basic examples of entries and how taxable income and ...

In this video, we'll walk you through how to fill out the Schedule K-1 as part of the IRS Form 1065. This example is a continuation of the 1065 walkthrough example of YouTube business partnership split evenly between two partners 50/50. Here are all of the IRS Forms you will need in this example, to include: IRS Form 1065 IRS Form 1065 ...

This video covers the basics of LLC/Partnership Taxes for form 1065 and the Schedule K-1. I start out explaining the tax forms and how to do partnership accounting records (and show my spreadsheet template). I connect the dots to show simplify understanding the Capital Account (on schedule K-1), Tax Basis, and Outside Basis & Inside Basis ...

The concepts of inside basis and outside basis can be confusing. "Inside basis" is the partnership's basis in its assets, whereas "outside basis" is a partner's basis in their partnership interest. When a partnership is first created, the partnership's total inside basis is equal to the sum of the partners' outside bases. Three events can make ...

On today’s IRS tax refund update we will take a look at the latest developments including the next round of tax refunds scheduled for release, and from there we will recap the latest numbers out from the IRS, with major developments as the backlog of unprocessed tax returns has doubled in the past week and from there we will highlight those ...

This video discusses the requirements for a Section 351 transaction. Section 351 of the U.S. tax code provides nonrecognition of gain or loss when an individual(s): 1. Transfers property to a corporation 2. Solely in exchange for the corporation's stock 3. And has control of the corporation immediately afterwards (80% of vote and value) There ...

For a 2023 update: https://youtu.be/XbooTlHxZoM For some other videos on these topics, see below: Am I a Real Estate Professional: https://youtu.be/_t6jCf4Y1Hc Form 4797 with Section 1231 Gains on Sale of Rental: https://youtu.be/uDzLCzRfcvk Form 4797 with Section 1250 Depreciation Recapture: https://youtu.be/H4_Emz5vGSQ Form 4797 with Section ...

In our previous video, we have mentioned that a taxpayer who is self-employed or having a business or practicing his profession may be allowed to deduct certain items from his gross business income to arrive at net taxable income subject to income tax. The taxpayer may choose between a) Itemized Deductions or b) Optional Standard Deduction. In ...

In this webinar, we will review how section 174 capitalization of R&D expenses, will affect taxpayers this year. We will help you identify what expenses qualify for capitalization treatment, discuss how to avoid filing form 3115, give examples of the income tax effects of these rules, and more. Although the 174 capitalization rule changes are ...

IRS Cycle Codes - https://savingtoinvest.com/irs-refund-cycle-code-and-dates-using-tax-transcript-to-get-master-file-information-for-your-direct-deposit-date/ IRS Tax Codes - https://savingtoinvest.com/irs-tax-topic-error-codes-on-where-is-my-refund-wmr-and-irs2go/ IRS Transcript video - https://www.youtube.com/watch?v=f9AcFt6jzIc Tax Season ...

This video explains how to calculate the transferor's basis in the stock received in a Section 351 transaction. The formula is as follows: Adjusted basis of property transferred Plus: any gain recognized Minus: fair market value of boot received Minus: cash received from the corporation Minus: liabilities assumed by the corporation Equals ...

This video provides an overview of how partnerships are taxed in the United States. It discusses: -What a partnership is, how it is formed, and what tax return it must file -Advantages of partnerships: why people would choose a partnership instead of an S corporation or a C corporation -The different types of partnerships, as well as the ...

This video explains how to calculate the transferee corporation's basis in assets received in a Section 351 transaction when the built-in loss limitation applies. The corporation's basis is determined by taking the basis of the asset in the transferor's hands, adding any gain recognized by the transferor, and subtracting the asset's share of ...

In this video, Alexander Efros, MBA, EA, CPA, CFP® from Efros Financial explains how the Section 179 deduction can help you lower your tax liability! Section 179 allows businesses to deduct up to $1,000,000 for federal income tax purposes for assets purchased and placed in service in tax year 2019 (a deduction may also be available to reduce ...

"Outside basis" refers to a partner's tax basis in their partnership interest. Outside basis is calculated as follows: The partner's initial basis Plus: additional contributions made by the partner to the partnership Plus: increases in the partner's share of the partnership's liabilities Plus: the partner's share of partnership income Plus: the ...

The Income Tax Bill, 2025 was introduced in the Lok Sabha recently. It seeks to modernise and simplify the Income Tax Act, 1961. While the Bill is indeed shorter in length than the original Act it seeks to replace, there is one major concern: privacy experts believe it institutes a regime of tax surveillance, in complete violation of the ...

This video is for ECEN 350 - Computer Architecture at Texas A&M University.

Learn how to fill out your Schedule K-1 quickly and accurately. If you operate a pass-through entity, you must fill out a Schedule K-1 tax form. This form lists the taxable income for S-corps, partnerships, and LLCs taxed as an S-corp or partnership. The IRS won’t accept your personal tax return if your Schedule K-1 isn’t included along ...

How to Read a IRS account transcript ! Thanks for watching !! Welcome to Sammi’s Place!! 🤩🤩 Please subscribe and turn on your bells 🔔 Love Miss Sammi HTTPS://www.SammisPlacesite.com #transcripts #reading #irs #transcript #howto #tax #help #common #codes #account #taxes #return #sammisplace #cyclecodes

What common IRS transaction codes on your transcript and IRS2Go app mean for your return and refund processing (2024 updates) _________________________ IRS Tax Codes - https://savingtoinvest.com/irs-tax-topic-error-codes-on-where-is-my-refund-wmr-and-irs2go/ All Tax Season Resources - https://www.savingtoinvest.com/taxes #taxes #refund #irs # ...

In this video, Alexander Efros, MBA, EA, CPA, CFP® from Efros Financial explains the differences between Bonus Depreciation and the Section 179 deduction allowance. What is the Section 179 Deduction and How Does It Work? - Part 1 of 2: https://www.youtube.com/watch?v=MLqHtUWw_NA What is the Section 179 Deduction and How Does It Work? - Part 2 ...

You have to pay a tax on the depreciation you've previously claimed when you sell a rental property. There are three types of depreciation recapture: (1) Sec. 1245 recapture; (2) Sec. 1250 recapture; and (3) unrecaptured Sec. 1250 gain. Learn how this tax may impact you when you sell your rental in today's video. — Reduce Taxes Working 1:1 ...

To report the income or loss from a Form K-1 depends on whether the business had a gain or loss, and whether or not the earnings were derived from passive investment or active participation in the company. In most cases, ordinary pass-through income (or loss) from a partnership, LLC or S corporation goes on Schedule E, Line 28. However, if the ...

COA: IEEE 754 - Solved Problems (Set 2) Topics discussed: 1. Two solved problems on IEEE 754 Single precision. Follow Neso Academy on Instagram: @nesoacademy (https://bit.ly/2XP63OE) Contribute: https://www.nesoacademy.org/donate Memberships: https://bit.ly/2U7YSPI Books: https://www.nesoacademy.org/recommended-books Website https://www ...

Schedule E with depreciation schedule http://www.pdftax.com/

The US tax code is widely considered one of the most complex entities on the planet. In this video, New Jersey business valuation accountant Robert A. Bonavito attempts to explain and simplify the US tax code. When you take a step back and look at what the tax code is doing, it’s not that complex. Bonavito discusses earned income credit, tax ...

In this video, I tell you: - What is Schedule K-1? - Who files Schedule K-1? - What is a K-1 distribution? - K-1 Vs Form 1099 - How to Read the Line Items in K-1? - What is Sec 1231 Property? - What is Sec 179 deduction? - Deadline for filing the K-1? - Difference between General And Limited Partnership Book your FREE DISCOVERY Call: https ...

In this session, I cover how the basics of form 1065, schedule K and schedule K-1 as they related to the CPA exam. ️Accounting students or CPA Exam candidates, check my website for additional resources: https://farhatlectures.com/ 📧Connect with me on social media: https://linktr.ee/farhatlectures #cpaexam #cpaexaminindia #accountingmajor

Today we're going to talk about applying passive activity loss rules to Form K-1. Enjoy! — Here are 3 ways to get involved: 1: JOIN OUR FACEBOOK GROUP https://www.facebook.com/groups/taxsmartinvestors If you haven't joined the Tax Smart Real Estate Investors Facebook community, you need to jump on it ASAP! You'll get details on exclusive Live ...

In this video, 4.05 – Partnership Taxation: Partnership Distributions – Lesson 2, Roger Philipp, CPA, CGMA, continues from Lesson 1 of partnership distributions. Roger first goes into some examples of liquidating partnership distributions, then summarizes the rules for accounting for partnership distributions. When a partner receives a ...

Bonus Depreciation vs Section 179 - Which Is Right For Your Business? Section 179 and Bonus Depreciation are similar but they aren’t the same. With 2022 coming to an end, that means you’re running out of time to claim 100% bonus depreciation. But what strategy makes the most sense for your business? Stay tuned to figure out what strategy ...

This is an example of using Form 4797 for sales of rental property.

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If you own rental property, there can be significant tax consequences when you sell it. Your taxable gain usually has nothing to do with the amount of cash you receive at closing, and is instead based on what you originally paid for the property, any costs involved in selling it, what you sold the property for, and any depreciation you took (or ...

In this video I compare the qualified business income deduction (Section 199A) when your business is taxed as a sole proprietorship vs. when your business is taxed as an S Corporation. Does the S Corp still make financial after considering the QBI deduction? ⏱ Timestamps ⏱ 00:00 Topic: How does the QBID play into the decision to be taxed as ...

This video discusses the format and requirements for Type C tax-free reorganizations. In a Type C reorganization, the purchasing corporation transfers voting stock (boot may be up to 20% of the consideration given, although any liabilities assumed will limit the amount of boot that can be given) to the target corporation in exchange for ...

Form 4797 is used to report the gains & losses on the sale of rental real estate property and related assets. In this example, we look at a partnership LLC that sold a residential rental property. The gain on the sale of the property comprises both real property & improvements (Section 1250 property) & personal property (Section 1245). The ...

Schedule E contains information about the Income Taxes paid by the CFC. In our example, the CFC is based in the Cayman Islands and is not subject to any income taxes or withholding taxes. The Schedule E presented is still a required schedule, even in cases where the CFC has no tax exposure. This is the 8th video in a series which covers the ...

Video continues to explain ASC740 under US GAAP temporary differences using a tax basis balance sheet to track Deferred Tax Assets (DTAs) and Deferred Tax Liability (DTLs). Numerous journal entry examples are provided. Various deferred tax assets like NOLs and Credits are referred to. A discussion on when valuation allowances (VAs) are recorded ...

Schedule M contains information about related party transactions between the CFC and U.S. persons that are direct owners, indirect owners, or affiliates. This is the 10th video in a series which covers the preparation of IRS Form 5471 for the 2021 tax year. Each schedule has a separate video within the playlist titled "IRS Form 5471 - Beginner ...

Instructions on using special allocations in the Lacerte Tax program for a partnership return.

As we approach the end of 2024, the window to maximize your tax deductions is quickly closing. Join Bob Gray, a renowned dental accounting expert and founding member of the Academy of Dental CPAs, as he shares strategies to seize last-minute deductions before they disappear. Learning objectives include: · Critical tax deductions that many ...