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Grant Thornton Urges US Firms To Keep 3 Sets Of Books,
by Leroy Baker, Tax-News.com, New York
Wednesday, August 29, 2007
With the next earnings season around the corner, many partnerships and limited
liability companies (LLC) taxed as partnerships may find it surprising that
they should be keeping three sets of books, says tax advisor Grant Thornton.
These entities generally only maintain two sets of books: generally accepted
accounting principles (GAAP) basis and tax basis. But there is a more important
set of books that should be maintained, but is often not: "Section 704(b)"
books. This set of books is based on the Section 704(b) regulations, and attempts
to reflect the economics of the situation.
Grant Thornton LLP's most recent issue of Marquee, a newsletter for the hospitality
and real estate industries, illustrates the importance of maintaining all three
types of books.
"To the surprise of many partners, the capital accounts referred to in
their partnership or LLC agreements are Section 704(b) capital accounts - not
GAAP or tax," explained Jerry Williford, a senior manager in Grant Thornton's
tax practice. "Even though Section 704(b) books are not required to be
shown on the partnership's tax return balance sheet, they need to be available
as they determine the economics of the deal."
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