Calculating a Partner's or LLC Member's Basis (2 hours)

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Sep 3, 2020

Registration: 9:30 AM / Program: 10:00 AM - 12:00 PM Pacific Time

Fees

Member Fee: $0.00
Nonmember Fee: $0.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: None

Description

You should attend this program because it will discuss in a practical way how a partner or member's basis in a partnership (or LLC treated as a partnership) is calculated. This topic is particularly important for any tax practitioner who deals at even a basic level with partnership distributions of cash and property and/or the sale of a partnership interest. The concept of basis is fundamental to an understanding of almost all aspects of partnership taxation. Note: The Section 754 election and concomitant basis adjustments are not covered in this program. However, those topics are discussed in detail in S754, Section 754 Step-Up in Basis: Understanding the Tax Issues for Partnerships and LLCs. For information on this and other webinars, please contact Surgent.

Designed For

Any tax practitioner with partnerships, multiple member LLCs or partners/members as clients

Objectives

  • Understand how a partner/member determines his or her basis
  • Identify and understand the specific negative and positive adjustments to a partner's basis and the ordering rules applicable to such adjustments

Major Subjects

  • How to determine partner basis in a partnership or multiple member limited liability company treated as a partnership
  • Specific positive and negative partner/member basis adjustments
  • The ordering rules for making multiple basis adjustments
  • The treatment of recourse and nonrecourse liabilities as components of basis

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