2024 MSCPA Annual Convention: Details

Partnerships: How to Calculate Partner Basis

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Tuesday, July 30, 2024 @ 10:00am – 12:00pm
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Description

A detailed analysis of the calculations related to determining a partner's tax basis for a partnership interest. How to use the Form 1065 and Schedule K-1 information for basis determination will be reviewed. An illustrated example with filled in forms will demonstrate how the process works, including its many 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.

Prerequisites

Basic working knowledge of partnership taxation.

Highlights

The major topics covered in this class include:

  • How to calculate the 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
  • Explanation of how basis is impacted by distributions of partnership property and sale and/or liquidation of the partnership interest

Objectives

After attending this presentation you will be able to...

  • Apply the latest tax provisions related to LLC members/partners basis from formation through operations and concluding with sale and/or liquidation
  • Calculate tax basis capital accounts

Preparation

None

Credits

Category Amount
Taxation 2.00