This course addresses capital account maintenance rules for partnerships, including the key differences between Section 704(b) book capital and tax basis capital. It also examines how to maintain Section 704(b) capital when the operating agreement requires maintenance of Section 704(b) capital accounts to comply with the economic effect safe harbors. Upon completion of this course, you will be able to: Identify the different types of capital accounts used for partnership tax reporting; Determine when Section 704(b) book capital is required; Understand common adjustments to capital accounts under Section 704(b); Analyze how Section 704(b) capital reflects the economics of a partnership deal