Description

This comprehensive training is designed to get the accountant up to speed quickly in the area of basis calculations and distribution planning for the owners of a partnership (i.e., partners and LLC members).

Objective

Once participants have completed this session they should be able to * List the three main reasons for calculating a partner/member’s basis in a partnership/LLC * Calculate the basis for partners and members of a LLC * Calculate losses allowed from at-risk activities * Review the Form 1065 Schedule K-1 to determine how the line items affect basis calculations and get reported on the individual owner’s Form 1040

Highlights

* This session is taught using a Hands-On methodology * Real-world examples and cases are used to demonstrate the complex income tax code and regulations to enhance the participant's learning experience * Each attendee will receive the most comprehensive reference manual with numerous practice aids, real-world examples, and case studies * Topics include but are not limited to * Line-by-line analysis of the Schedule K-1s to determine how the items affect a partner/member’s outside basis and where the items get reported on federal individual income tax return * The three loss and deduction limitations on the owner’s individual income tax return (i.e. basis, at-risk, and other Form 1040 limitations) * How cash or noncash distributions affect the basis calculations and whether or not they are taxable to the owners * How recourse and nonrecourse debt effect a partner or member’s basis calculations and amount at-risk

Who Should Attend

Tax professionals who need an in-depth training course on basis calculations and distributions rules for partnerships and their owners

Required Knowledge

None

Advanced Prep

Basic understanding of individ