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Thursday, January 14, 2021 Webcast

Partnerships: How to Calculate and Report Partner's Basis (X2-15821)

9:30 AM - 11:30 AM EST

Webcast


2.0 CPE Credits in TX

OVERVIEW

This program provides a detailed analysis of the calculations related to determining a partner's tax basis for a partnerships interest using the Form 1065, Schedule K-1 information. An illustrated example with filled in forms will demonstrate how the process works and discuss its many potential pitfalls.

DESIGNED FOR

CPAs working in public accounting firms and/or working for a partnership

BENEFITS

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

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

HIGHLIGHTS

The major topics that will be covered in this class include:
  • How to calculate tax basis capital accounts
  • 2020 new reporting rules on Form 1065, Schedule K-1
  • Calculation of basis when the entity is formed, including the impact of contributed property
  • Explanation of 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 illustrating the mechanics of the basis determination process
  • Discussion on how basis is impacted by distributions of partnership property
  • Explanation of how basis is impacted by sale and/or liquidation of the partnership interest

COURSE LEVEL

Intermediate

PREREQUISITES

Basic working knowledge of partnership taxation

ADVANCE PREPARATION

None

INSTRUCTOR

Steven Dilley

Steven C. Dilley, CPA, J.D., Ph.D.

PRICING

$69.00 - Member

$79.00 - Nonmember

Pre-Registration Closed

Online pre-registration for this event is now closed.

ADDITIONAL OPTIONS

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COURSE DEVELOPER

CPA Crossings