Partnerships: How to Calculate Partner Basis
2.00 Credits
Member Price $109
Non-Member Price $139
Overview
This program provides a detailed analysis of the calculations related to determining tax basis for a partnership interest. Illustrated examples with filled in forms will demonstrate how the processes works and their many potential pitfalls.
*Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com
Highlights
- Calculation of basis when the entity is formed, including the impact of contributed property
- How to calculate partnership tax basis capital accounts
- Explains the use of both "inside" and "outside" basis determination
- Clarifies the how partnership debt impacts tax basis
- Discusses how distributions affect basis
- Explains how basis is impacted by sale and/or liquidation of the partnership interest
- Comprehensive examples to illustrate the mechanics of the basis determination process
Prerequisites
Basic working knowledge of business and partnership taxation
Designed For
CPAs in public practice and industry seeking an update on the latest tax developments impacting partnerships and LLCs
Objectives
- Apply the latest tax provisions related to LLC members/partners basis from formation through operations and sale/liquidation
- Identify the use of both "inside" and "outside" basis determination
- Identify planning strategies and potential pitfalls
Preparation
None
Leader(s):
Leader Bios
Steven Dilley, Federal Tax Workshops
Steven C. Dilley, CPA, JD, PhD, is president of Federal Tax Workshops, Inc., located in East Lansing, Michigan. He is nationally known for his knowledge of the financial, accounting and tax problems of the closely held business and individual taxpayers. He has published numerous articles on these topics. In addition, Steve is a professor of accounting at Michigan State University, where he teaches tax accounting and has recently received two teaching awards. He is a member of the Michigan Association of CPAs, Wisconsin Bar Association, the American Accounting Association, AICPA, American Tax Association and Hawaii Association of Public Accountants.
Non-Member Price $139
Member Price $109