April 19, 2022

Webinar

2 CPE

Webinar (CPA Crossings): Partnerships: How to Calculate the Partner’s Basis

April 19, 2022
Webinar
2 CPE

Webinar (CPA Crossings): Partnerships: How to Calculate the Partner’s Basis

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    Instructor

    Steve
    Dilley

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    Steve Dilley, CPA, JD, PhD

    Bio

    Steve is President of Federal Tax Workshops, which has prepared and presented CPE materials for accountants and attorneys throughout the country for over 40 years. He is also a retired professor of accounting at Michigan State University.

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.

Major Topics

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

CPE Credits Available

2 CPE
2
Taxes

Things to Know About This Course

Course Level

  • Intermediate

Prerequisites

Basic working knowledge of partnership taxation.

Advanced Preparation

This webinar is produced by CPA Crossings. You will receive your login link/instructions and Certificate of Attendance directly from this third-party vendor. It is important that you review your COCPA confirmation for details on receiving your login instructions and COA from said vendor.

Intended Audience

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

Provider

CPA Crossings, LLC

This event has ended.