Mastering Partnership Basis: Inside and Outside Basis
Overview
This course will provide a detailed analysis of how to determine a partner’s tax basis for a partnership interest, with an explanation of the use of both “inside” and “outside” basis determination. An illustrated example with filled in forms will demonstrate how the process works and the 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.
Highlights
The major topics that will be covered in this course include:
- Explain the use of both "inside" and "outside” basis determination.
- How to calculate tax basis capital accounts, including when the entity is formed, including the impact of contributed property.
- Clarify the importance of partnership capital accounts and partnerships debt on partner's tax basis.
- Explanation of how basis is impacted distributions and by sale and/or liquidation of the partnership interest.
- Comprehensive example to illustrate the mechanics of the basis determination process.
Prerequisites
Basic working knowledge of business taxation.
Designed For
CPAs working in public accounting firms and/or working for partnerships.
Objectives
After attending this presentation, you will be able to...
- Implement practical strategies based on a thorough understanding of the complex rules for retirement distributions
- Implement practical strategies in determining a partner’s tax basis for a partnership interest
- Identify the use of Form 1065, Schedule K-1 information for basis determination.
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 CPA Crossings.
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 $119.00
Member Price $89.00