Partnerships: How to Calculate Partner Basis
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
Notice
This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by Accounting Continuing Professional Education Network (ACPEN).
Leader(s):
Leader Bios
Steven Dilley PhD, Federal Tax Workshops Inc
Steven C. Dilley is a professor at Michigan State University where he teaches tax accounting. He obtained his PhD in accounting from the University of Wisconsin-Madison in 1972. In 1969 he also received a law degree and an undergraduate accounting degree from UW-Madison. He is a member of the Wisconsin Bar Association, the American Bar Association, the Wisconsin Institute of CPAs, the Michigan Association of CPAs, the American Accounting Association, the American Institute of CPAs, the American Taxation Association, and the Hawaii Association of Public Accountants. Steve is the President of the Federal Tax Workshops, Inc. This organization prepares continuing education materials and presents continuing education programs for accountants and attorneys throughout the United States. Steve is nationally known for his knowledge of taxation in general and especially for his knowledge of the financial, accounting, and tax problems of the closely held business. He has published numerous articles on those topics.
Non-Member Price $109.00
Member Price $79.00