Partnerships: How to Calculate Partner Basis
Overview
This program provides a detailed analysis of the calculations related to determining tax basis for a partnership interest. Illustrated examples with filled in forms will demonstrate how the processes works and their many potential pitfalls.
*Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com
Delivery Method: Individual webcast
CPE Credit: Taxes
Program Level: Intermediate
Highlights
- Calculation of basis when the entity is formed, including the impact of contributed property
- How to calculate partnership tax basis capital accounts
- Explains the use of both "inside" and "outside" basis determination
- Clarifies the how partnership debt impacts tax basis
- Discusses how distributions affect basis
- Explains how basis is impacted by sale and/or liquidation of the partnership interest
- Comprehensive examples to illustrate the mechanics of the basis determination process
Prerequisites
Basic working knowledge of business and partnership taxation
Designed For
CPAs in public practice and industry seeking an update on the latest tax developments impacting partnerships and LLCs
Objectives
- Apply the latest tax provisions related to LLC members/partners basis from formation through operations and sale/liquidation
- Identify the use of both "inside" and "outside" basis determination
- Identify planning strategies and potential pitfalls
Preparation
None
Leader(s):
Leader Bios
Steven Dilley, CPA Crossings, LLC
Steve Dilley is President of Federal Tax Workshops, Inc. He is nationally known speaker and author on financial, accounting, and tax problems of the closely held business and individual taxpayers. Steve obtained his undergraduate accounting degree, PhD in accounting, and law degree from the University of Wisconsin-Madison and is a retired Professor of Accounting at Michigan State University. He is a member of the Michigan Association of CPAs, Wisconsin Bar Association, American Accounting Association, AICPA, American Tax Association, and Hawaii Association of Public Accountants.
Non-Member Price $109.00
Member Price $79.00