A detailed analysis of the calculations related to determining a partner’s tax basis for a partnership interest. How to use the Form 1065, Schedule K-1 information for basis determination. An illustrated example with filled in forms will demonstrate how the process works and its many potential pitfalls.
To provide a thorough review and update of the tax issues related to LLC members/partners basis from formation through operations and concluding with sale and/or liquidation.
* How to calculate tax basis capital accounts * Calculation of 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 * Discusses how basis is impacted by distributions of partnership property * Explanation of how basis is impacted by sale and/or liquidation of the partnership interest.
Who Should Attend
CPAs working in public accounting firms and/or working for partnerships.
Basic working knowledge of partnership taxation.
Additional Event Information
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