Partnerships: How to Calculate Partner Basis WEBINAR - Hawaii, United States - WASHINGTON SOCIETY OF CPAS

Description

A detailed analysis of the calculations related to determining a partner's tax basis for a partnership interest. How to use the Form 1065 and Schedule K-1 information for basis determination will be reviewed. An illustrated example with filled in forms will demonstrate how the process works, including its many potential pitfalls.

Highlights

How to calculate the 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 partnership capital accounts and partnerships debt on partner's tax basis. Comprehensive example to illustrate the mechanics of the basis determination process. Explanation of how basis is impacted by distributions of partnership property and sale and/or liquidation of the partnership interest.

Prerequisites

Basic working knowledge of partnership taxation.

Designed For

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

Objectives

Apply the latest tax provisions related to LLC members/partners basis from formation through operations and concluding with sale and/or liquidation. Calculate tax basis capital accounts.