Mastering Partnership Basis: Inside and Outside Basis
Overview
This course will provide a detailed analysis of how to determine a partner’s tax basis for a partnership interest, with an explanation of the use of both “inside” and “outside” basis determination. An illustrated example with filled in forms will demonstrate how the process works and the potential pitfalls.
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 course include:
- Explain the use of both "inside" and "outside” basis determination.
- How to calculate tax basis capital accounts, including when the entity is formed, including the impact of contributed property.
- Clarify the importance of partnership capital accounts and partnerships debt on partner's tax basis.
- Explanation of how basis is impacted distributions and by sale and/or liquidation of the partnership interest.
- Comprehensive example to illustrate the mechanics of the basis determination process.
Prerequisites
Basic working knowledge of business taxation.
Designed For
CPAs working in public accounting firms and/or working for partnerships.
Objectives
After attending this presentation, you will be able to...
- Implement practical strategies based on a thorough understanding of the complex rules for retirement distributions
- Implement practical strategies in determining a partner’s tax basis for a partnership interest
- Identify the use of Form 1065, Schedule K-1 information for basis determination.
Preparation
None
Notice
Email w/link to webinar & materials will come from webinars@cpacrossings.com. If you do not receive email, check junk folder then contact CPA Crossings @ 877-370-2220 ext 1/webinars@cpacrossings.com
Leader(s):
Leader Bios
Steve Dilley, Federal Tax Workshops Inc
Steven C. Dilley, CPA, JD, PhD, is President of Federal Tax Workshops, Inc., East Lansing, Michigan, where for the past 33 years, his organization has prepared continuing professional education materials and presented seminars for accountants and attorneys throughout the United States. He is nationally known for his knowledge of the financial, accounting, and tax problems of the closely held business. He has published numerous articles on these topics. In addition, Steve is a Professor of Accounting at Michigan State University, East Lansing, where he teaches tax accounting. He was nominated in 2004 for the “Educator of the Year Award” and will be presented with the 2005 “Distinguished Achievement in Accounting Education Award” in Michigan. He also received the 2007 MSU Accounting and Information Systems Department Outstanding Teacher Award. He obtained his PhD in accounting, law degree and an undergraduate accounting degree from the University of Wisconsin-Madison. 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 $129.00
Member Price $109.00