Partnerships: How to Calculate Partner Basis
Available Until
On-Demand Only
2.00 Credits
Member Price $79.00
Non-Member Price $109.00
Overview
Description:
A detailed analysis of the calculations related to determining a partner's tax basis for a partnership interest. How to use the Form 1065 and Schedule K-1 information for basis determination will be reviewed. An illustrated example with filled in forms will demonstrate how the process works, including its many potential pitfalls.
Learning Objectives:
After attending this presentation you will be able to...
- Apply the latest tax provisions related to LLC members/partners basis from formation through operations and concluding with sale and/or liquidation
- Calculate tax basis capital accounts
Program Content:
The major topics covered in this class include:
- How to calculate the basis when the entity is formed, including the impact of contributed property
- Explains the use of both "inside" and "outside" basis determination
- Clarifies the importance of partnership capital accounts and partnerships debt on partner's tax basis
- Comprehensive example to illustrate the mechanics of the basis determination process
- Explanation of how basis is impacted by distributions of partnership property and sale and/or liquidation of the partnership interest
Who should attend: CPAs working in public accounting firms and/or working for partnerships.
Developed By: Federal Tax Workshops, Inc
Instructor: Steven C. Dilley, CPA, JD, PhD
CPE Credit: 2.0
Field of Study: Taxes (2 CPE)
Prerequisites: Basic working knowledge of partnership taxation.
Advanced Preparation: None
Format: QAS Self Study
Highlights
- How to calculate the basis when the entity is formed, including the impact of contributed property
- Explains the use of both "inside" and "outside" basis determination
- Clarifies the importance of partnership capital accounts and partnerships debt on partner's tax basis
- Comprehensive example to illustrate the mechanics of the basis determination process
- Explanation of how basis is impacted by distributions of partnership property and sale and/or liquidation of the partnership interest
Prerequisites
Basic working knowledge of partnership taxation.
Designed For
CPAs working in public accounting firms and/or working for partnerships.
Objectives
- Apply the latest tax provisions related to LLC members/partners basis from formation through operations and concluding with sale and/or liquidation
- Calculate tax basis capital accounts
Preparation
None
Non-Member Price $109.00
Member Price $79.00