Partnership Preparation, Basis Calculations and Distributions: Form 1065 Schedule K & K1 Analysis We

Be able to form a partnership and calculate its initial inside basis in the assets and partner's outside basis in the entity.Prepare a basic partnership (Form 1065) Schedule K including reporting of cash and non-cash distributions.Determine how Schedule K items get allocated to partners/members on their individual Schedule K-1.Identify the three main reasons for calculating a partner's or member's basis in a partnership/LLC.Calculate a partner's tax basis capital account (as required on the 2020 form 1065)Calculate a partner's or member's outside basis and determine if losses and deductions are limited on their individual income tax return.
Highlights
Get up to speed quickly on partnership and LLC formation, as well as preparation issues and calculating a partner's and LLC member's basis. Take a line-by-line analysis of Form 1065 Schedule K and K-1 and how these items affect the partner's or member's individual income tax return. Each attendee will receive a comprehensive reference manual that includes practice aids and real-world examples and case studies.