درک حسابداری مشارکت (ویرایش دوم)

Understanding Partnership Accounting (Second Edition) provides conceptual information about investment partnership accounting. Where applicable, it refers to relevant U.S. tax laws, Department of Treasury regulations, and the Internal Revenue Code. This book assumes that you have a general understanding of the finance industry, accounting, and investment partnerships. Contents Welcome to Understanding Partnership Accounting (Second Edition) About Advent Software, Inc. About the Financial Services Industry Group in the New York Office of American Express Tax and Bu... Procedural Conventions Example Conventions Terminology Different Types of Notes The Advent Partner Documentation Set Advent Partner Help The Advent Partner Readme File Advent Connection Additional Advent Resources Understanding Pooled Investment Structures The History of Investment Partnerships Investing Advantages Investment Strategies Organizing Investment Partnerships The General Partner The Limited Partner Understanding Pooled Investment Structures Fund of Funds Fund of Funds Accounting Offshore Funds General Offshore Fund Accounting Side-By-Side Offshore Fund Structure Master-Feeder Offshore Fund Structure Private Equity and Venture Capital Funds Private Equity/Venture Capital Fund Accounting Setting Up An Investment Partnership Forming an Investment Partnership Team Required Investment Company Act of 1940 Section 3(c)(1) Funds Section 3(c)(7) Funds Integration Rule Investment Partnership Documentation Investment Objective Description of General Partner and Related Entities Management Fees Capital Contributions Contributed Securities Capital Withdrawals Valuation of Securities Reports to Partners Fiscal Years Tax Elections Directed Gains Termination Accounting and Tax Issues Accounting Services Tax Services Partnership Classification Dealers Traders and Investors Other Legal Issues Investment Advisers Act of 1940 Commodity Transactions Investment by Pension Plans and IRAs SEC Filings Foreign Partners Understanding Break Periods What Is a Break Period? Understanding Capital Changes Understanding Capital Contributions Understanding Capital Withdrawals Understanding Assignments of Interest Capital Changes: An Example Calculating Tax Basis Recording Income and Expenses Recording Market Discount Accretion Recording Original Issue Discount Accretion Recording Amortization Recording Interest Accrual Recording Realized and Unrealized Gain/Loss Interim and Final Periods In Advent Partner Understanding Items of Profit and Loss What Are Allocation Items? Realized Gain (Loss) Items Hot Issue Realized Gain (Loss) Items Section 1256 Realized Gain (Loss) Items Realized FX Gain (Loss) Items About Section 988 and Section 1256 Overlap About Closing Methods Unrealized Gain (Loss) Items Management Fee Items Management Fee Accrual Forward Billing with In Flows and Out Flows: an Example Billing in Arrears with In Flows and Out Flows: an Example Other Income and Expenses Items Dividends Interest and Dividend Expenses Interest Income Organizational Expenses Other Expenses Accretion Amortization Foreign Taxes Investment, Trade, and Business Expenses Understanding Economic Allocations What Are Economic Allocations? How Do Tax and Economic Allocations Differ? Realized Gain Allocations Performance Incentive Reallocations Tax Adjustment Allocations Allocating Hot Issue Gains Allocating Side Pocket Investments Advent Partner’s Uneven Methodologies Allocating With Off-the-Top Realigned Methodology Allocating With Off-the-Top Literal Methodology Allocating With Off-the-Bottom Methodology Allocating Aggregate Gains Understanding Aggregate Methodologies Advent Partner’s Aggregate Methodologies Calculating the Change in Unrealized Gains Understanding Aggregate Assumptions Assumption 1 Assumption 2 Assumption 3 Assumption 4 Aggregate With Book Gains, Full Netting Aggregate with Book Gains, Full Netting: An Example Period 1 Period 2 Period 3 Period 4 Separating Long- and Short-Term Realized Gains Aggregate, Full Netting Aggregate, Full Netting: An Example Period 1 Period 2 Period 3 Period 4 Aggregate With Partial Netting How Capital Changes Affect Aggregate Accounts How Total Withdrawals Affect Aggregate Accounts How Withdrawals In Excess of Tax Basis Affect Aggregate Accounts How Advent Partner Handles Withdrawals in Excess of Tax Basis How Partial Withdrawals Affect Aggregate Accounts How Assignments Affect Aggregate Accounts Allocating Aggregate Section 1256 Gains How Advent Partner Allocates Section 1256 Gains Allocating Aggregate Hot Issue Gains How Advent Partner Allocates Hot Issue Gains Ceiling Rule: Aggregate Allocation Allocating Layered Gains Understanding Tax Lot Layering Tax Lot Layering: An Example Separating Long- and Short-Term Realized Gains How Capital Changes Affect Layered Gains How Withdrawals Affect Layered Gains How Assignments of Interest Affect Layered Gains Allocating Layered Section 1256 Gains How Advent Partner Allocates Section 1256 Gains Allocating Layered Hot Issue Gains How Advent Partner Allocates Layered Hot Issue Gains Ceiling Rule: Tax Lot Layering Allocation Reallocating/ Charging Performance Fees Understanding Performance Incentive Reallocations Selecting Reallocation Dates Frequency Twelve Month Rule Charging Performance Fees For Assignments Charging Performance Fees For Withdrawals Estimating Performance Fees Profit Since Last Charge vs. Current Year’s Profit Calculating Target Capital Applying Hurdle Rates Applying Highwater Marks Applying Highwater Marks and Hurdle Rates How Contributions Affect Highwater Marks How Withdrawals Affect Highwater Marks How Assignments Affect Highwater Marks Clawback Provisions Calculating Tax Percentages and Carve-Outs Calculating Limited Partners’ Tax Percentages Reallocating Profit Above Target Capital Calculating General Partners’ Tax Percentages Assigning Carve-Outs Reallocating Profit Items Allocating Non-Gain Items Allocating Gains with Aggregate Methodologies Allocating Gains with Tax Lot Layering Section 1256 Gains Hot Issue Gains Excluding Items From Performance Fees Performance Fees in Offshore Funds Offshore Fund with No Equalization : An Example Equalization Multiseries Shares Method Multiseries Shares Method: An Example Contributing Securities Accepting Contributed Securities Understanding Built-In Gains When Are Built-In Gains Taxable? What Is the Holding Period For Contributed Securities? Can Built-In Gains Violate the “Ceiling Rule”? Contributing Fixed-Income Securities Understanding Built-In Amortization and Accretion Partner’s Amortization/Accretion Ends at Contribution: An Example Partner’s Amortization/Accretion Continues After Contribution: An Example Understanding Built-In Accrued Interest Understanding Distributions and Redemptions Understanding Distributions and Redemptions Distributing Securities Electing Section 754 Implementing Section 754 with Tax Lot Layering Directing Gains Directed Gains with Tax Lot Layering: An Example Directed Gains with Aggregate Allocation: An Example Understanding Tax Issues Understanding Book To Tax Differences Recording Tax Adjustments and Reversals Understanding Wash Sales Identifying Wash Sales How Much Can Be Washed? Carrying Forward Losses, Rolling Positions Contributed Securities Understanding Straddles Deferring Loss to Offsetting Positions Terminating Holding Period Capitalizing Interest Expenses Understanding Short Sales Covered Shorts Not Settled At Year End Holding Period For Short Positions Short Dividend Payments Understanding Constructive Sales Selling Short Against the Box Understanding Unrelated Business Taxable Income Understanding Partnership Performance Calculating Partnership Performance Calculating Returns Within Break Periods Simple Rate of Return Calculation: An Example Calculating Returns Across Multiple Break Periods How Advent Partner Calculates Time Weighted Rate of Return Time-Weighted Rate of Return Calculation: An Example How Advent Partner Calculates Internal Rate of Return Average Capital Base IRR Calculation: An Example ACB IRR Calculation Net of Performance Fees: An Example How Advent Partner Calculates Annualized Return Annualized Return Calculation: An Example How Expenses and Fee Reallocations Affect Performance How Expenses Affect Performance How Performance Fee Estimations and Reallocations Affect Performance Differences in Tax Performance Between Partners Tax Performance Differences Due to Capital Changes Tax Performance Differences Due to Performance Fee Charge Dates Differences in Tax Performance: Examples How Capital Changes Affect Tax Performance: An Example How Different Performance Fee Charge Dates Affect Tax Performance: An Example Disclosures and Issues to Consider When Reporting Performance Glossary Index Understanding Partnership Accounting (Second Edition) is an investment partnership accounting guide written by Advent Software and the Financial Services Industry Group of American Express Tax and Business Services. The book covers the accounting and legal services that investment partnerships require. It also describes how investment partnerships allocate the results of their investments to the partners, including tax reallocations for performance fees, and other tax and reporting issues.