Partnerships: How to Calculate Partner Basis
2.00 Credits
Member Price $89
Non-Member Price $109
Overview
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.
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
Prerequisites
Basic working knowledge of partnership taxation.
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
Preparation
None
Leader(s):
Leader Bios
Steven Dilley, Federal Tax Workshops
Steven C. Dilley, CPA, JD, PhD, is president of Federal Tax Workshops, Inc., located in East Lansing, Michigan. He is nationally known for his knowledge of the financial, accounting and tax problems of the closely held business and individual taxpayers. He has published numerous articles on these topics. In addition, Steve is a professor of accounting at Michigan State University, where he teaches tax accounting and has recently received two teaching awards. He is a member of the Michigan Association of CPAs, Wisconsin Bar Association, the American Accounting Association, AICPA, American Tax Association and Hawaii Association of Public Accountants.
Non-Member Price $109
Member Price $89