Partnerships: How to Calculate Partner Basis

Wednesday, February 12, 2025
Webcast or Webinar, Online
10:30AM - 12:30PM (opens at 10:00AM) EST
2Credits
Technical Business

Registration is Open

Members
$89.00 Regular Price
Non-Members
$119.00 Regular Price

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$40.00 Members / $56.00 Non-Members
Course Type: Webcast
Course Code: 24/CX46278
Level: Intermediate
Vendor: CPA Crossings, LLC
Field of Study: Taxes

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.

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

Major Topics:

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

Major Topics:

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

Designed For:

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

Prerequisites:

Basic working knowledge of partnership taxation.