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Partnership Investments - How to Calculate the Owner's Basis

04.25.18 11:00AM – 04.25.18 1:00PM

Details

Credits
2.00

Level
Intermediate

Fees

Member Fee
$79.00

Nonmember Fee
$113.00

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General Info

Description
A detailed analysis of the calculations related to determining a partner's tax basis for a partnership interest using the Form 1065, Schedule K-1 information. An illustrated example with filled in forms will demonstrate how the process works and its many potential pitfalls. This course qualifies for PTIN credit. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions either during or after the event.
Highlights
  • Discusses the 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 partnership capital accounts and partnerships debt on partner's tax basis.
  • Uses a comprehensive example to illustrate the mechanics of the basis determination process.
  • Discusses how basis is impacted by distributions of partnership property.
  • Explains how basis is impacted by sale and/or liquidation of the partnership interest.
Objectives
To provide a thorough review and update of the tax issues related to LLC/partnership basis from formation through operations and concluding with sale and/or liquidation.
Designed For
CPAs working in public accounting firms and/or working for partnerships.
Vendor
CPA Crossings, LLC
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