Partnerships: How to Calculate Partner Basis

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  • Location
    • Your Computer
      Your Space
      ISCPA / CPA Crossing Webinar, ID 00000
  • Credits
    • 2.00
  • Credit Type(s)
    • Taxes (Technical) (2.00)
  • Prerequisites
    • Basic working knowledge of partnership taxation.

  • Vendor
    • CPA Crossings
  • Level
    • Intermediate
  • Fields of Study
    • Taxes
  • Message
    • Virtual Experience

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. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
  • Presented by Steven C. Dilley, CPA, JD, PhD
  • Designed For

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

    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

    Highlights

    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

    Advanced Prep

    None

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    Leaders

    CPA Crossing Panel

    No Biography Available

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