Partnerships: How to Calculate and Report Partner's Basis

Course Details

Date

Monday, June 1, 2020

4:00am – 6:00am

Field of Study

Taxation

Course Number

CC1438

CPE Credit

2.0 hours CPE credit

Level of Knowledge

Intermediate

Vendor

CPA Crossings

Prerequisites

Basic working knowledge of partnership taxation

Description

This program provides a detailed analysis of the calculations related to determining a partner's tax basis for a partnerships interest using the Form 1065, Schedule K-1 information. An illustrated example with filled in forms will demonstrate how the process works and discuss its many potential pitfalls. Also, "tax basis" capital accounts must be reported in 2020 Form 1065 K-1s. This course explores what that means and how to calculate tax basis capital accounts.

This course qualifies for PTIN credit.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics that will be covered in this class include:

  • How to calculate tax basis capital accounts
  • 2020 new reporting rules on Form 1065, Schedule K-1
  • Calculation of basis when the entity is formed, including the impact of contributed property
  • Explanation of the use of both "inside" and "outside" basis determination
  • Clarifies the importance of partnership capital accounts and partnerships debt on partner's tax basis
  • Comprehensive example illustrating the mechanics of the basis determination process
  • Discussion on how basis is impacted by distributions of partnership property
  • Explanation of how basis is impacted by sale and/or liquidation of the partnership interest

Objectives

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

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

Designed For

CPAs working in public accounting firms and/or working for a partnership

Registration for this course has passed.

Course Pricing

Member Fee

Applicable if you are a HSCPA member in good standing.

$79.00
Non-Member Fee

Applicable if you are not a HSCPA member.

$109.00
Your Price $109.00

CPE Choice

Learn more about CPE Choice.
This course does not qualify for CPE Choice.

View All Webcasts