Partnerships: How to Calculate the Partner's Basis

Description

A detailed analysis of the calculations related to determining a partner's tax basis for a partnerships interest, how to use the Form 1065, Schedule K-1 information for basis determination. An illustrated example with filled in forms will demonstrate how the process works and its many potential pitfalls. NOTE: "Tax basis" capital accounts must be reported in 2020 Form 1065 K-1s - this course will explore what that means and how to calculate tax basis capital accounts.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Date/Time

Thursday, July 8, 2021
Registration Time: 10:30am
10:30am – 12:30pm

Add to Outlook calendar

Course Type

On-line Live Vendors

CPE Credit

2.00 hours CPE credit

Field of Study

Taxation

Level of Knowledge

Intermediate

Designed For

CPAs working in public accounting and/or working for partnerships.

Vendor

CPA Crossings

Prerequisites

Basic working knowledge of partnership taxation.

Advanced Preparation

None

Highlights

The major topics covered in this class include:

  • How to calculate tax basis capital accounts
  • Calculation of 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 partnerships capital accounts and partnerships debt on partner's tax basis
  • Comprehensive example to illustrate the mechanics of the basis determination process
  • Discusses how basis is impacted by distributions of partnership property
  • Explanation of how basis is impacted by sale and/or liquidation of the partnership interest

Objectives

After attending this presentation you will be able to...

  • Provide a thorough review and update of the tax issues related to LLC members/partners basis from formation through operations and concluding with sale and/or liquidation.


Location

N/A (This is a webcast)
Member Fee $79.00
Non-Member Fee $79.00
Your Price $79.00

Registration for this course has passed.

View more conferences and courses

Registered for CPE? Log in to download electronic course materials.