PPC's 1065 Deskbook

See also the Checkpoint Tax Preparer package, which includes the online version of this PPC deskbook.

Partnerships are a “top priority” for the Small Business/Self-Employed (SB/SE) Division, according to the SB/SE Commissioner. With PPC’s 1065 Deskbook you and your staff can solve the difficult or unclear issues encountered when preparing Form 1065. The Deskbook points out elections and other tax-saving opportunities while preparing the return; plus, the tax planning roadmap highlights planning opportunities that you and your staff can pursue after busy season.

Other tax publishers stop with interpretation and analysis, but PPC’s 1065 Deskbook features detailed examples, filled-in tax forms, and election statements that walk you through you how transactions are actually reported. The Deskbook provides:

• Guidance and examples of complex partnership issues such as tax allocations of basis and liabilities
• Election statements that include guidance on how, when and who can make elections, and the information required to be included with the election
• Preparation checklists that help ensure complete reporting and minimize the risk of costly errors
• Worksheets that aid in complex calculations and also serve as work paper support for your files
• Inflation-adjusted amounts to save time in return preparation
• Information on administrative matters such as amended returns, examinations, and due diligence in preparing the tax return

The Deskbook includes a series of return preparation checklists, worksheets and  other practice tools that promote due diligence in the preparation and review of Forms 1065 and the related schedules K-1 and K-2.

• 1065 Deskbook
  • INTRODUCTORY MATERIAL
  • Formation of Partnership
    • Chapter 1: Organizational, Syndication, and Start-up Expenses (Preopening Expenses)
    • Chapter 2: Contributions of Property or Services
  • Administrative Matters
    • Chapter 3: Selecting the Tax Year
    • Chapter 4: Accounting Methods
    • Chapter 5: Partnership Tax Elections
    • Chapter 6: Audit Rules, Amended Returns, and Due Diligence in Form 1065 Preparation
  • Ordinary Income
    • Chapter 7: Trade or Business Income
    • Chapter 8: Inventory and Cost of Goods Sold
    • Chapter 9: Nonbusiness Income
  • Asset Dispositions
    • Chapter 10: Installment Sales and Like-kind Exchanges
    • Chapter 11: Trade or Business Property Transactions
    • Chapter 12: Debt Discharge Income and Foreclosures
  • Partnership Deductions
    • Chapter 13: Other Deductions
    • Chapter 14: Taxes and Interest Expense
    • Chapter 15: Tax Depreciation and Depletion
    • Chapter 16: Partnership Retirement Plans and Fringe Benefits
    • Chapter 17: Travel and Entertainment Expenses
    • Chapter 18: Qualified Business Income Deduction (Section 199A)
    • Chapter 19: Charitable Contributions
  • Balance Sheet and Capital Accounts
    • Chapter 20: Schedule K-1, Capital Account Reconciliation with Schedules M-1, M-2, and M-3
  • Pass Through to Partners
    • Chapter 21: Partnership Pass-through Items
    • Chapter 22: Alternative Minimum Tax
    • Chapter 23: Reporting Credits Allocated to Partners
  • Basis, Allocations, and Loss Limitations
    • Chapter 24: Basis in the Partnership Interest (Outside Basis)
    • Chapter 25: Partner's Basis from Partnership Liabilities
    • Chapter 26: Making Valid Partnership Tax Allocations
    • Chapter 27: When FMV and Basis of Contributed Property Differ— Section 704(c) Allocations
    • Chapter 28: Allocations When Partners' Interests Change During the Year
    • Chapter 29: At-risk Activities
    • Chapter 30: Passive Activities
  • Transactions with Partners
    • Chapter 31: Transactions between Partners and Partnerships
  • Transfers and Distributions
    • Chapter 32: Transfers of Partnership Interests and Basis Adjustments
    • Chapter 33: Distributions and Basis Adjustments
  • State Summaries
    • Chapter 34: State Summaries
  • Special Considerations
    • Chapter 35: Limited Liability Companies (LLCs) and Limited Liability Partnerships (LLPs)
    • Chapter 36: The Hot Asset Rules
  • The Winding Up Phase
    • Chapter 37: Death or Retirement of a Partner
    • Chapter 38: Partnership Terminations, Mergers, and Divisions
  • ELECTIONS
    • START-UP ELECTIONS
    • ELECTIONS UNIQUE TO PARTNERS AND PARTNERSHIPS
    • DEPRECIATION AND COST RECOVERY ELECTIONS
    • PASSIVE ACTIVITY ELECTIONS
    • INTEREST EXPENSE ELECTIONS
    • REAL ESTATE ELECTIONS
    • OIL AND GAS AND MINERAL OPERATIONS ELECTIONS
    • TANGIBLE PROPERTY REGULATION ELECTIONS
    • OTHER ELECTIONS
  • CHECKLISTS
    • PREPARATION CHECKLISTS
    • TECHNICAL TAX ISSUES CHECKLISTS
  • WORKSHEETS
    • COMPUTATIONAL WORKSHEETS
  • QUICK REFERENCE TABLES
    • RECOVERY PERIODS
    • SUMMARIES OF DEPRECIATION RULES
    • MACRS PERSONAL PROPERTY
    • MACRS REAL PROPERTY
    • DEPRECIATION FOR AUTOS
    • OTHER TABLES
  • OTHER PRACTICE AIDS
    • SAMPLE LETTERS
    • SAMPLE SCHEDULE K-1
    • DOCUMENTATION AIDS
    • OTHER
    • STATEMENTS
    • DATA GATHERING WORKSHEETS
  • Roadmap to Partnership Tax Planning
  • INDEX
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• List of Substantive Changes and Additions View