Partnerships: How to Calculate the Partner's Basis (2 hours)

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Apr 2, 2020

Registration: 8:30 AM / Program: 9:00 AM - 11:00 AM

Fees

Member Fee: $0.00
Nonmember Fee: $0.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: None

Description

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 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 during the event.

Designed For

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

Objectives

To provide a thorough review and update of the tax issues related to LLC/partnerships basis from formation through operations and concluding with sale and/or liquidation.

Major Subjects

  • 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.
  • Comprehensive example to illustrate the mechanics of the basis determination process.
  • Discusses how basis is impacted by distributions of partnership property.
  • Explanation of how basis is impacted by sale and/or liquidation of the partnership interest.


This event has already passed. If you have any questions, please contact us at 503-641-7200 or email profdev@orcpa.org.