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).
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
* 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
Basic understanding of individ
Additional Event Information
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CPE Select Pass Policies
The CPE Select pass is available only for NCACPA members and the price is applicable for an individual user. The pass includes access to on demand and webinar programs, but excludes webcasts, “hot topic” webinars, and on demand Ethics programming. All eligible programs for the CPE Select pass will be marked in the online catalog and in promotions. Licensed CPAs who elect the student membership status must provide proof of enrollment in an advanced degree.
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