Back to Search

Partnerships: How to Calculate the Partner's Basis Webinar

CPE

When
June 28
11:00 a.m. - 1:00 p.m.

CPE Credits
2-Tax

Details

 Pricing

PICPA Member: $79 | Nonmember: $104


 More Information

Course No.
FTSDPCP2
Level
Intermediate
Prerequisites
Basic working knowledge of partnership taxation.
Note
This webinar is hosted by PICPA's partner, CPA Crossings, LLC. After registering, you will receive an email from messenger@webex.com with the log-in information.

Description

A detailed analysis of the calculations related to determining a partner's tax basis for a partnerships interest, how to use the Form 1065, Schedule K-1 information for basis determination. An illustrated example with filled in forms will demonstrate how the process works and its many potential pitfalls. NOTE: "Tax basis" capital accounts must be reported in 2020 Form 1065 K-1s - this course will explore what that means and how to calculate tax basis capital accounts. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Learning Objectives:

After attending this presentation you will be able to...

  • Provide a thorough review and update of the tax issues related to LLC members/partners basis from formation through operations and concluding with sale and/or liquidation.


Highlights

The major topics covered in this class include:

  • How to calculate tax basis capital accounts
  • 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 partnerships 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


Speaker(s)


You May Also Like

American Rescue Plan Act 2021 Webinar
Aug. 3 | Webinar
The new American Rescue Plan Act (ARPA) passed by congress is BIG! With over 600 pages of legislation to spend $1.9 trillion dollars, the legislation has far reaching tax implications. ...
Entertainment and Parking: Coping with the Final Rules Webinar
Aug. 13 | Webinar
This program reviews the statutory and regulatory guidance as they related to fringe benefits, with emphasis on entertainment/business transportation expenses, qualified employer-provided parking and meals expense reporting. Recent federal tax ...
Self-Rental Real Estate: How to Integrate the New Rules Webinar
Aug. 17 | Webinar
This program presents a detailed analysis of the self-rental passive activity rules, including forms reporting examples, and integrates them with the Section 199A, flow-through entity rules related to self-rental. ...