This white paper can help tax professionals understand the challenges of managing fixed assets involved in a technical termination and how to more efficiently and accurately handle the set-up, transfer, and management of those assets.
While the financial sector is facing headwinds including increase in non-performing assets resulting in increased losses and shortage of liquidity, the real estate sector too has witnessed a tough time due to disruptions in labour supply, logistics and increasing finance cost on unsold inventory.
Taxmann's analysis of the finance bill 2021 (as passed by the lok sabha)Taxmann
Your Analysis on the Finance Bill 2021 (as passed by the Lok Sabha). Delivered! ⚡ | https://bit.ly/3d6lkiO
Download/Read Taxmann’s comprehensive (50+ Pages) analysis of the Finance Bill, 2021 as passed by the Lok Sabha.
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Interview provides an overview of the new partnership audit tax rules, how these rules will affect all partnerships, and what partnerships should do now to prepare.
While the financial sector is facing headwinds including increase in non-performing assets resulting in increased losses and shortage of liquidity, the real estate sector too has witnessed a tough time due to disruptions in labour supply, logistics and increasing finance cost on unsold inventory.
Taxmann's analysis of the finance bill 2021 (as passed by the lok sabha)Taxmann
Your Analysis on the Finance Bill 2021 (as passed by the Lok Sabha). Delivered! ⚡ | https://bit.ly/3d6lkiO
Download/Read Taxmann’s comprehensive (50+ Pages) analysis of the Finance Bill, 2021 as passed by the Lok Sabha.
Wolters Kluwer Practitioner's Corner: New Partnership Audit RulesTravis Greaves
Interview provides an overview of the new partnership audit tax rules, how these rules will affect all partnerships, and what partnerships should do now to prepare.
Our latest newsletter summarizes SEC developments in the last quarter, including certain items we have not previously reported in Week in Review. Highlights include remarks from SEC Chief Accountant Wesley Bricker on the adoption of significant new accounting standards and recent trends in SEC staff comments on non-GAAP measures.
The Financial Accounting Standards Board (FASB) recently released Accounting Standards Update (ASU) 2016-09, Compensation (Topic 718): Improvements to Employee Share-Based Accounting. The ASU, which is a result, in part, of the post-implementation review of FASB Statement No. 123(R) Share Based Payment, is also part of the FASB’s continuing simplification project. The amendments are intended to simplify certain aspects of the accounting for share-based payments, including:
Accounting for income taxes upon settlement of the award;
Presentation of excess tax benefits;
Accounting for forfeitures; and
Withholding requirements and presentation of income taxes.
Additionally, the amendments provide for certain practical expedients for non-public entities.
The Impact of the New Tax Law on Real Estate InvestmentCBIZ, Inc.
Generally speaking, real estate fared well under the Tax Cuts and Jobs Act (TCJA). This document provides a recap of the key areas of real estate that were impacted by the new tax law. www.cbiz.com
Investors will no longer be required to retroactively apply the equity method of accounting when their existing unconsolidated equity investment first qualifies for its use. The new guidance comes in Financial Accounting Standards Board (FASB)’s Accounting Standards Update (ASU) 2016-07, Investments- Equity Method and Joint Ventures (Topic 323), Simplifying the Transition to the Equity Method of Accounting.
An entity may increase its investment in equity securities of an entity or another change may occur that causes it to obtain significant influence over another entity that triggers an existing equity investment to qualify for the use of equity method in accounting. U.S. Generally Accepted Accounting Principles (GAAP) asks that when the investor transitions to the equity method because it gains significant influence over an investee, the investor must adjust the investment, results of the operations and retained earnings as if the equity method had been used since the investor’s original investment. The retroactive application of the equity method was often costly and difficult to apply.
The Impact of the New Tax Law on Real Estate InvestmentCBIZ, Inc.
The bill introduced as the Tax Cuts and Jobs Act (TCJA) was signed into law by the President on December 22, 2017. It is the most far reaching tax change to affect the real estate sector since the Tax Reform Act of 1986. Generally speaking, real estate fared well under the new law.
Karnataka HC endorses tax avoidance technique to lessen minimum alternate tax...D Murali ☆
Karnataka HC endorses tax avoidance technique to lessen minimum alternate tax (MAT) - T. N. Pandey - Article published in Business Advisor, dated June 10, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Tweeted on www.twitter.com/BusinessAdvDM #BusinessAdvisorArchives
Solution Manual Advanced Accounting Chapter 15 9th Edition by BakerSaskia Ahmad
Solution Manual, Advanced Accounting, Thomas E. King, Cynthia Jeffrey, Richard E. Baker, Valdean C. Lembke, Theodore Christensen, David Cottrell, Richard Baker, Advanced Financial Accounting, Advanced Financial Accounting by Baker Chapter 18, Advanced Financial Accounting by Baker Chapter 18 9th Edition, 9th Edition,
this latest edition of out quarterly publication summarizes SEC developments in the last quarter. Highlights include SEC staff guidance on tax reform, remarks by SEC Chairman Jay Clayton and members of the SEC staff at the recent AICPA Conference on Current SEC and PCAOB Developments on the new accounting standards, critical audit matters and cybersecurity, and a discussion of Mr. Clayton’s concerns about initial coin offerings. We also discuss recent SEC rulemaking activities, SEC staff guidance updates and significant personnel changes.
Our latest newsletter summarizes SEC developments in the last quarter, including certain items we have not previously reported in Week in Review. Highlights include remarks from SEC Chief Accountant Wesley Bricker on the adoption of significant new accounting standards and recent trends in SEC staff comments on non-GAAP measures.
The Financial Accounting Standards Board (FASB) recently released Accounting Standards Update (ASU) 2016-09, Compensation (Topic 718): Improvements to Employee Share-Based Accounting. The ASU, which is a result, in part, of the post-implementation review of FASB Statement No. 123(R) Share Based Payment, is also part of the FASB’s continuing simplification project. The amendments are intended to simplify certain aspects of the accounting for share-based payments, including:
Accounting for income taxes upon settlement of the award;
Presentation of excess tax benefits;
Accounting for forfeitures; and
Withholding requirements and presentation of income taxes.
Additionally, the amendments provide for certain practical expedients for non-public entities.
The Impact of the New Tax Law on Real Estate InvestmentCBIZ, Inc.
Generally speaking, real estate fared well under the Tax Cuts and Jobs Act (TCJA). This document provides a recap of the key areas of real estate that were impacted by the new tax law. www.cbiz.com
Investors will no longer be required to retroactively apply the equity method of accounting when their existing unconsolidated equity investment first qualifies for its use. The new guidance comes in Financial Accounting Standards Board (FASB)’s Accounting Standards Update (ASU) 2016-07, Investments- Equity Method and Joint Ventures (Topic 323), Simplifying the Transition to the Equity Method of Accounting.
An entity may increase its investment in equity securities of an entity or another change may occur that causes it to obtain significant influence over another entity that triggers an existing equity investment to qualify for the use of equity method in accounting. U.S. Generally Accepted Accounting Principles (GAAP) asks that when the investor transitions to the equity method because it gains significant influence over an investee, the investor must adjust the investment, results of the operations and retained earnings as if the equity method had been used since the investor’s original investment. The retroactive application of the equity method was often costly and difficult to apply.
The Impact of the New Tax Law on Real Estate InvestmentCBIZ, Inc.
The bill introduced as the Tax Cuts and Jobs Act (TCJA) was signed into law by the President on December 22, 2017. It is the most far reaching tax change to affect the real estate sector since the Tax Reform Act of 1986. Generally speaking, real estate fared well under the new law.
Karnataka HC endorses tax avoidance technique to lessen minimum alternate tax...D Murali ☆
Karnataka HC endorses tax avoidance technique to lessen minimum alternate tax (MAT) - T. N. Pandey - Article published in Business Advisor, dated June 10, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Tweeted on www.twitter.com/BusinessAdvDM #BusinessAdvisorArchives
Solution Manual Advanced Accounting Chapter 15 9th Edition by BakerSaskia Ahmad
Solution Manual, Advanced Accounting, Thomas E. King, Cynthia Jeffrey, Richard E. Baker, Valdean C. Lembke, Theodore Christensen, David Cottrell, Richard Baker, Advanced Financial Accounting, Advanced Financial Accounting by Baker Chapter 18, Advanced Financial Accounting by Baker Chapter 18 9th Edition, 9th Edition,
this latest edition of out quarterly publication summarizes SEC developments in the last quarter. Highlights include SEC staff guidance on tax reform, remarks by SEC Chairman Jay Clayton and members of the SEC staff at the recent AICPA Conference on Current SEC and PCAOB Developments on the new accounting standards, critical audit matters and cybersecurity, and a discussion of Mr. Clayton’s concerns about initial coin offerings. We also discuss recent SEC rulemaking activities, SEC staff guidance updates and significant personnel changes.
EY's latest newsletter summarizes SEC developments in the last quarter. This issue highlights the remarks made by SEC staff members at the recent AICPA National Conference on Current SEC and PCAOB Developments related to SEC reporting implications of new accounting standards, non-GAAP financial measures and management’s discussions and analysis disclosure considerations for income taxes. We also discuss the SEC's progress on rulemaking and other initiatives, as well as significant personnel changes.
Research MemorandumToCEO, CFO, and Controller of XYZ Research .docxdebishakespeare
Research Memorandum
To: CEO, CFO, and Controller of XYZ Research Company, Inc.
From: Nathan Ellery, Research Analyst
Date: August 22, 2013
RE: Accounting for Patents
Facts:
XYZ Research Company, incorporated in 2010, develops new technology for interplanetary exploration. The company holds many patents, and has historically expensed the costs associated with the patents.
Issues:
1. How are patents accounted for according to GAAP?
2. What is impairment testing, and does it apply to the patents held by XYZ Research Company?
3. Can a company capitalize their patents?
4. Are there any unique situations or exclusions for the industry (technology, or interplanetary exploration), in regards to accounting methods?
5. What corrective action, if any, is recommended to correct any misstatements made with regard to their patents?
Authorities on Accounting for Patents (Intangible Assets):
ASC 350-30-45-1 states that at a minimum, all intangible assets shall be aggregated and presented as a separate line item in the statement of financial position. However, that requirement does not preclude presentation of individual intangible assets or classes of intangible assets as separate line items.
ASC 350-30-45-2 states that the amortization expense and impairment losses for intangible assets shall be presented in income statement line items within continuing operations as deemed appropriate for each entity.
ASC 350-30-35-1 states that the accounting for a recognized intangible asset is based on its useful life to the reporting entity. An intangible asset with a finite useful life shall be amortized; an intangible asset with an indefinite useful life shall not be amortized.
ASC 350-30-35-2 states that the useful life of an intangible asset to an entity is the period over which the asset is expected to contribute directly or indirectly to the future cash flows of that entity.
ASC 350-30-35-15 states that if an intangible asset is determined to have an indefinite useful life, it shall not be amortized until its useful life is determined to be no longer indefinite.
ASC 350-30-35-16 states that an entity shall evaluate the remaining useful life of an intangible asset that is not being amortized each reporting period to determine whether events and circumstances continue to support an indefinite useful life.
ASC 350-30-35-17 states that if an intangible asset that is not being amortized is subsequently determined to have a finite useful life, the asset shall be tested for impairment in accordance with paragraphs 350-30-35-18 through 35-19. That intangible asset shall then be amortized prospectively over its estimated remaining useful life and accounted for in the same manner as other intangible assets that are subject to amortization.
ASC 350-30-35-18 states that an intangible asset that is not subject to amortization shall be tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely t ...
Financial Statement Review – 100 points(This assignment is t.docxvoversbyobersby
Financial Statement Review – 100 points
(This assignment is to be prepared in teams)
OBJECTIVE: The objective of this assignment is to expose you to the type of information contained in an annual report as well as learn where to locate specific financial data within the report. You will use the annual report from your assigned company to complete the three parts of this assignment. Each of the three parts of this assignment will be evaluated on the criteria outlined below.
LeBow Focus:
Economics: Explore stock pricing, inflation effects, and business cycles.
Problem Solving: Use critical thinking skills to evaluate ratio relationships in interpreting company financial health.
Career Planning: Explore some of the tasks and responsibilities for a career as a stockbroker, accountant, or financial manager.
Writing: Writing specific to business such as company performance analysis and investment analysis.
Part 1: Financial Statement Research – 25 points
GOAL: For this section you should locate data in both the Income Statement and Balance Sheet. You will have to find the data from the two most currentconsecutive years available for each of the items listed below. You will then have to calculate the percentage change for those two consecutive years and indicate that change. An excel spreadsheet should be used to complete this section. You must include a copy of the Income Statement and the Balance Sheet for this section of the assignment and highlight data used. Based on the data you gathered, what overall observations can you make about the company (that does not mean just stating assets went up or down, but rather strategies, trends or impacts)? You can include questions you would ask or other information you would want to research.
*Sales *Cash
*Cost of Sales (COGS) *Total Current Assets
*Gross Profit *Long Term Debt
*Net Income (loss) *Total Equity
*Inventory *Total Assets
Part 2: Financial Statement Analysis – 30 points
GOAL: For this section you will use financial ratios to evaluate the relationship between Balance Sheet and Income Statement data from the two most currentconsecutive years in making determinations about company performance. You are to compare this data to the averages for your company’s industry. For each ratio you should show the formula used, enter your company’s numbers into that formula, compute the ratio, and assign the proper label to the answer ($, %, etc.). You will complete this for each of the two years’ data. Once again, an excel spreadsheet should be used to complete this section. Based on the data gathered, what overall observations can you make about the company (that does not mean just stating a ratio went up or down, but rather why, given strategies, trends or impacts or particular input data)? You can include questions you would ask or other information you would want to research.
*Current Ratio/Liquidity *Inventory Turnover
*Debt to Equity Ratio *Profit ...
Amendments in Schedule III of Companies Act, w.e.f. 1st April 2022taxguru5
"CA Pragathi Gudur* With the ever-increasing stringency in the regulatory framework and disclosure requirements under various provisions of law, MCA, vide notifi"
TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Law , Goods and Service Tax etc.
To know more visit https://taxguru.in/company-law/amendments-schedule-iii-companies-act-w-e-f-1st-april-2022.html
Smaller Reporting Companies vs. Emerging Growth Companies- The topic of reporting requirements and distinctions between various categories of reporting companies has been prevalent over the past couple of years as regulators and industry insiders examine changes to the reporting requirements for all companies, andqualifications for the various categories of scaled disclosure requirements. As I’ve
written about these developments, I have noticed inconsistencies in the treatment of smaller reporting companies and emerging growth companies in ways that are likely the result of poor drafting or unintended consequences...
This SEC in Focus includes remarks from SEC Chairman Jay Clayton on cybersecurity disclosures in SEC filings, recent guidance on pay ratio disclosure requirements, regulatory relief for companies and individuals affected by recent hurricanes, staff clarifications about its nonpublic review program and recent trends in SEC staff comments on non-GAAP measures and other topics.
To calculate a company's average tax rate an analyst would
The accumulated benefit obligation measures
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Amendments in Schedule III of Companies Act, w.e.f. 1st April 2022taxguru5
"CA Pragathi Gudur* With the ever-increasing stringency in the regulatory framework and disclosure requirements under various provisions of law, MCA, vide notifi"
TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Law , Goods and Service Tax etc.
To know more visit https://taxguru.in/company-law/amendments-schedule-iii-companies-act-w-e-f-1st-april-2022.html
Select a publicly traded company, I select HP(Hewlett-Packard) Inc.docxbagotjesusa
Select a publicly traded company, I select HP(Hewlett-Packard) Inc.
You should acquire the most recent annual report or 10-K for one publicly traded company from the industry you selected.
Write a short report answering the following questions about the selected company.
1. What formats are used to present the
a. Balance Sheets?
b. Income Statements?
c. Operating Activities section of the Statement of Cash Flows?
2. Find one footnote for each of the following and describe its contents in brief: a. An accounting rule applied in the company's statements. b. Additional detail about a reported financial statement number. c. Relevant financial information but with no number reported in the financial statements.
3. Using electronic sources, find one article reporting the company's annual earnings announcement. When is it dated and how does that date compare to the balance sheet date?
4. Using electronic sources, find two analysts' reports for your company. a. Give the date, name of the analyst, and his or her recommendation from each report. b. Discuss why the recommendations are similar or different. Look at the analysts' reasoning for their respective recommendations.
5. Using the SEC EDGAR website (www.sec.gov), what is the most recent document filed by your company with the SEC (e.g., 8-K, S-1) and what did it say in brief?
6. Ratio analysis: a. What does the return on total assets ratio measure in general? b. Compute the ROA ratio for the last three years. c. What do your results suggest about the company? d. If available, find the industry ratio for the most recent year, compare it to your results, and discuss why you believe your company differs from or is similar to the industry ratio.
7. Use the ROA profit driver analysis to determine the cause(s) of any differences in the ROA ratio over the last three years. (Remember that you computed the three profit driver ratios in Chapters 2, 3, and 4 of your text.)
GRADING RUBRIC
STUDENT NAME ______________________________________
Maximum Points
Points Earned
1.a
Correctly identified format used to present the Balance Sheet
3
1.b.
Correctly identified format used to present the Income Statement
3
1.c.
Correctly identified format used to present the Statement of Cash Flows
3
2.a
Found one footnote related to an accounting rule applied in the company's statements, and described its contents in brief.
5
2.b.
Found one footnote related to an additional detail about a reported financial statement number, and described its contents in brief.
5
2.c.
Found one footnote related to relevant financial information but with no number reported in the financial statements, and described its contents in brief.
5
3.
Using electronic sources, found one article reporting the company's annual earnings announcement. Identified when it was dated and noted how that date compared to the balance sheet date?
10
4.a.
Using electronic sources, found two analysts' re.
Based on Bloomberg BNA interviews of tax professionals at large U.S. corporations, this presentation details how businesses take local tax issues into account when relocating and investing in new facilities, trends in state-backed tax incentives, and which states are perceived to have the best and worst corporate tax climates
U.S. Corporate Capital Expenditures: Consciously Uncoupled from Federal Tax I...Bloomberg Tax & Accounting
Bloomberg BNA surveyed 100 tax and accounting leaders at firms with average revenues of $7.5 billion to find out how U.S. businesses’ capital investment has changed since the recession, and to what degree changes in tax policy actually impact their financial decision making.
Impacting nearly every business, the final tangible property regulations provide taxpayers with a broad range of guidance on whether to capitalize or expense amounts paid to acquire, produce, or improve tangible property. Revising repair processes is not a trivial task. It requires taking a hard look at your tax and accounting systems and procedures. You’ll need to devise ways to ensure accuracy, enforce policies, reduce manual effort, and document facts and decisions as you work towards compliance by January 1, 2014. Are you ready?
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Customer Success Story: CBS Improves Accuracy and Control With Centralized Ta...Bloomberg Tax & Accounting
With more than 600 legal entities and
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Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
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Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
Navigating the world of forex trading can be challenging, especially for beginners. To help you make an informed decision, we have comprehensively compared the best forex brokers in India for 2024. This article, reviewed by Top Forex Brokers Review, will cover featured award winners, the best forex brokers, featured offers, the best copy trading platforms, the best forex brokers for beginners, the best MetaTrader brokers, and recently updated reviews. We will focus on FP Markets, Black Bull, EightCap, IC Markets, and Octa.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Top mailing list providers in the USA.pptxJeremyPeirce1
Discover the top mailing list providers in the USA, offering targeted lists, segmentation, and analytics to optimize your marketing campaigns and drive engagement.
Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
buy old yahoo accounts buy yahoo accountsSusan Laney
As a business owner, I understand the importance of having a strong online presence and leveraging various digital platforms to reach and engage with your target audience. One often overlooked yet highly valuable asset in this regard is the humble Yahoo account. While many may perceive Yahoo as a relic of the past, the truth is that these accounts still hold immense potential for businesses of all sizes.
FIA officials brutally tortured innocent and snatched 200 Bitcoins of worth 4...jamalseoexpert1978
Farman Ayaz Khattak and Ehtesham Matloob are government officials in CTW Counter terrorism wing Islamabad, in Federal Investigation Agency FIA Headquarters. CTW and FIA kidnapped crypto currency owner from Islamabad and snatched 200 Bitcoins those worth of 4 billion rupees in Pakistan currency. There is not Cryptocurrency Regulations in Pakistan & CTW is official dacoit and stealing digital assets from the innocent crypto holders and making fake cases of terrorism to keep them silent.
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
2. ////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
2
SURVIVING TECHNICAL TERMINATIONS
Introduction
The partnership and limited liability company (LLC) ownership structures are increasingly
popular choices for businesses of many types and sizes. The reasons for this are myriad,
including: liability exposure, tax advantages, control of the business, flexibility, and ease of
reporting.
For instance, according to Jim Connors, director of valuation services for Pinnacle
Healthcare Consulting, the most common entity seen in today’s healthcare market is the
LLC, followed by a combination of partnerships and S Corporations.1
Another example of
the popularity of these company structures is real estate companies, which often choose
partnership or LLC structures for individual or groups of properties.
While these types of company structures have many advantages, there is one situation that
can trigger a significant amount of additional work for company tax departments: a technical
termination. Unlike an actual termination of a partnership or LLC where the company ceases
to exist, the partnership or LLC is considered technically terminated for federal income tax
purposes only.
When a technical termination is triggered, many tax departments can count on plenty of
overtime to handle transferring the partnership’s or LLC’s fixed assets from the old company
to the new one. This white paper can help tax professionals understand the challenges of
managing fixed assets involved in a technical termination and how to more efficiently and
accurately handle the set-up, transfer, and management of those assets.
-----------------------------------------------------------------------------------------------------------------------------
Large partnerships on the rise
The number of large partnerships has more than tripled to 10,099 from tax year 2002 to 2011. Almost
two-thirds of large partnerships had more than 1,000 direct and indirect partners, were made up of
six or more tiers, and/or self-reported being in the finance and insurance sector, with many being
investment funds.
Source: “Large Partnerships: With Growing Number of Partnerships, IRS Needs to Improve Audit
Efficiency,” U.S. Government Accountability Office, September 18, 2014.
-----------------------------------------------------------------------------------------------------------------------------
Is It The End? Triggering A Technical Termination
Unlike other forms of company structures, a partnership or LLC essentially has two different
lifecycles. One is the legal “life” of the business, which continues until the partners agree to
terminate the company. The other lifecycle is based on the tax “life” of the business.
A partnership can be considered terminated for tax purposes while the legal company lives
on. This is called a technical termination because it’s seldom the intent of the partners to
terminate the company. A technical termination ends the tax life of one partnership and
begins the life of a new partnership. It’s a complex transaction that requires special treatment
and often presents significant headaches for the tax department.
Per Section 708 and related regulations, the termination of a partnership or an LLC classified
as a partnership is triggered if there is a sale or exchange of 50 percent or more of the total
interests in the partnership’s capital and profits within a 12-month period (Sec. 708(b)(1)
(B)). A partnership interest that is sold to another partner and then resold to another party
1 Richard Robermo, “The Various Business Entities That Your Healthcare Practice Can Be Modeled After,” The
Ambulatory M&A Advisor, March 21, 2016.
3. ////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
3
SURVIVING TECHNICAL TERMINATIONS
is only counted once toward the determination of whether a 50 percent or more change in
partnership capital and profit has occurred within the 12-month period (Regs. Sec. 1.708-
1(b)(2)).
Let’s look at a few examples of events and whether they lead to a technical termination:
• Example 1: Partner A has a 40 percent interest, Partner B has a 55 percent interest and
Partner C has a 5 percent interest in partnership ABC. If Partner B sells 50 percent of his
interest in equal parts of 25 percent each to Partners A and C, then a technical termination
has occurred.
• Example 2: Assume the same facts as in example 1 except that Partner A sells his entire
40 percent interest in partnership ABC to Partner B and as a result increases Partner B’s
interest in partnership ABC to 95 percent. If two months later, Partner B sells a 40 percent
interest to Partner C, this does not cause a technical termination because only one 40
percent interest was sold within a 12-month period.
• Example 3: Assume the same facts as in example 2 except that one month later, Partner D
is admitted into ABC partnership with a 30 percent interest after he contributes $300,000,
and two months later Partner D receives a distribution of $300,000. This disguised sale
triggers a technical termination because a 70 percent change in partnership capital and
profit has occurred.
• Example 4: If the transactions in examples #1 and #3 above were gifted interests instead
of sales transactions, these would not be technical terminations. A partnership interest that
is gifted does not trigger a technical termination.
Out With The Old, In With The New
When a technical termination occurs, there can be resulting tax consequences and
opportunities that require insightful planning and compliance work, including filing short-year
tax returns, considering new elections for accounting methods for the new partnership, and
fixed asset lifecycle management to minimize loss of depreciation deductions.
The partnership’s tax year closes on the date of the termination. This results in a requirement
to file two, short-year tax returns. The old partnership is required to file Form 1065 for the
period ending on the date of termination. This partnership tax return is due 3½ months
following the end of the month during which a partnership terminates. A separate extension
can be filed to extend the due date of each respective short-period return by an additional
five months.
The new partnership is required to file Form 1065 for the period beginning the day after the
termination. The new partnership continues using the employer identification number (EIN) of
the old partnership.
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Pass-through businesses aren’t always small
According to the Tax Foundation, the number of pass-through businesses (which includes sole
proprietors, partnerships, LLCs, and S corporations) has nearly tripled since 1980, while the number
of traditional C corporations has declined. Pass-through businesses employed more than 50 percent
of the private sector workforce and accounted for 37 percent of total private sector payroll in 2011.
Source: Kyle Pomerleau, “An Overview of Pass-through Businesses in the United States,” Tax
Foundation, January 2015.
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SURVIVING TECHNICAL TERMINATIONS
What’s Mine Is Yours
While generating short-year tax returns adds to the tax compliance effort for companies,
it’s often management of the fixed assets involved in the partnership being terminated that
creates a significant burden for the tax department. When a partnership is terminated for
tax purposes, its assets are considered to be contributed tax-free to the new partnership
(under Sec. 721), and the interests in the new partnership are then deemed distributed to the
members of the old partnership (Regs. Sec. 1.708-1(b)(4)).
Typically the mechanics of accounting for fixed assets include transferring the fixed assets at
net book value and valuing them at the same rate in the new company. The assets are treated as
new assets to the new company and therefore allow full depreciation. The remaining tax basis of
depreciable property is then recovered over a new depreciable life. Bonus depreciation cannot
be taken if it was previously taken for the asset. Table 1 shows an example of how an asset is
handled for a technical termination that occurred on June 30, 2015.
ASSET ATTRIBUTES OLD PARTNERSHIP NEW PARTNERSHIP
Value $20,000 $3,840
Date placed in service (PIS) 01/01/2013
07/01/2015 (the day after the
technical termination)
Life 5 years 5 years
Bonus 50% Not eligible
Net book value (at the time of
technical termination)
$3,840 $3,840
Table 1. Fixed asset transfer from technically terminated partnership to new partnership
The asset used in the example above was placed in service two years prior to the technical
termination and therefore does not qualify for bonus depreciation for the new partnership.
However, property qualifying for bonus depreciation that is placed in service during
the tax year of a technical termination is treated as originally placed in service by the
new partnership on the date the property is contributed by the terminated partnership.
Accordingly, the entire amount of bonus depreciation is then allocated to the new partnership
while the terminated partnership cannot claim any of the bonus depreciation even though it
placed the property in service.
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Fair market value: the Section 754 election
Of all the elections that a partnership may make, the Section 754 election is worth noting. Under
Section 754, a partnership may elect to adjust the basis of partnership property when property is
distributed or when a partnership interest is transferred. As an example, the assets could be revalued
to fair market value. The purpose of a Section 754 election is to reconcile a new partner’s outside and
inside basis in the partnership. Section 743 covers the mechanics of revaluing the assets to fair market
value which is beyond the scope of this paper.
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SURVIVING TECHNICAL TERMINATIONS
Managing Fixed Assets For Technical Terminations
The impact of a technical termination on fixed assets management and depreciation can be a
major pain point for many companies. Without robust fixed assets software, businesses are
often faced with paying significant fees to an external accounting firm to handle the proper
transfer and set up of fixed assets from the old partnership to the new one. If companies
attempt to handle the work in-house using Excel spreadsheets, it can generate many hours of
manual labor as well as potential inaccuracies or mistakes.
Even if a business has some type of software in place that supports fixed asset management,
that software may limit the number of books the company can use, or lack the ability to import
data from other software or Excel. Further, current management processes and software may
not be designed to support ending depreciation on the technical termination date, causing
the tax department to again have to rely on manual efforts in Excel spreadsheets.
For companies where handling technical terminations are not a rare occurrence, it pays to
consider software that streamlines the managing and transferring of fixed assets, including
support for technical terminations. While some accounting solutions may help manage
discrete parts of the fixed assets lifecycle — often for GAAP requirements only — most do not
support the needs of the tax department, including technical terminations.
Companies facing technical terminations need expert software designed for managing fixed
assets and depreciation across the entire lifecycle, including technical terminations and
other complex tax situations. Businesses should look for a solution that gives them the ability
to handle a large number of assets and changes at one time, such as what occurs when
transferring assets from an old partnership to a new one.
With the right solution, companies can handle technical terminations far more efficiently and
accurately, while saving money compared to engaging an outside accounting firm for every
technical termination.
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What to look for in fixed assets software
• A centralized place to track companies and assets
• Unlimited companies
• Custom books
• Built-in processes that support closing out fixed assets in the old partnership and transferring them
to the new partnership
• Automatic compliance with frequently changing tax and GAAP regulations
• Automatic, accurate depreciation calculations
• Comprehensive reporting and an audit trail
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SURVIVING TECHNICAL TERMINATIONS
Conclusion
Along with the growth in number of partnerships and LLCs comes the burden of the
compliance efforts involved in technical terminations. In asset-intensive industries, a technical
termination can result in a nontrivial amount of additional effort and cost for tax departments.
One way to reduce the burden is by automating as much of the effort as possible. Fixed
assets software designed to handle complex tax situations such as technical terminations
can save time and money as well as improve the accuracy of fixed assets management and
depreciation.
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Learn more about BNA Fixed Assets™ at www.bnasoftware.com, or call 800.424.2938 to contact
your local Bloomberg BNA Representative.
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About BNA Fixed Assets
With BNA Fixed Assets from Bloomberg BNA, it’s easy, efficient, and cost-effective for
companies of any size to manage the complete fixed assets lifecycle from purchase to
retirement – saving you time and money while ensuring accuracy. Bloomberg BNA’s
renowned tax expertise is built right into the software – it’s like having a tax expert at your
side, providing the most up-to-date, comprehensive insight into the latest accounting rules
and regulations. Our unique validation engine enforces compliance with tax regulations and
GAAP rules, automatically ensuring accuracy. Even novice users can correctly and easily use
the software without compromising accuracy.
BNA Fixed Assets delivers all the capabilities of a robust fixed assets management system
and grows with you as your business matures. Whether your company has tens, hundreds, or
thousands of fixed assets, there’s a BNA Fixed Assets solution designed to meet your needs
and budget:
• Desktop – Designed for a single user, it’s powerful, but easy-to-use
• Server – For multiple users within the same company
• Web-hosted – Powerful, secure, anytime, anywhere access with no software to install or
maintain