A detailed analysis of the calculations related to determining a partner’s tax basis for a partnerships 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. NOTE: “Tax basis” capital accounts must be reported in 2020 Form 1065 K-1s - this course will explore what that means and how to calculate tax basis capital accounts.
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 partnerships 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 liquidation of the partnership interest.
Basic working knowledge of partnership taxation.
CPAs working in public accounting and/or working for partnerships.
Provide a thorough review and update of the tax issues related to LLC partners basis from formation through operations and concluding with sale and liquidation.
Steve Dilley is President of Federal Tax Workshops, Inc., East Lansing, Michigan, where for the past 35 years, his organization has prepared continuing professional education materials and presented seminars for accountants and attorneys throughout the United States. He is nationally known for his knowledge of the financial, accounting, and tax problems of the closely held business. He has published numerous articles on these topics.
In addition, Steve is a Professor of Accounting at Michigan State University, East Lansing, where he teaches tax accounting. He was nominated in 2004 for the “Educator of the Year Award” and received the 2005 “Distinguished Achievement in Accounting Education Award” in Michigan. He also received the 2007 MSU Accounting and Information Systems Department Outstanding Teacher Award.
He obtained his PhD in accounting, law degree and an undergraduate accounting degree from the University of Wisconsin-Madison. He is a member of the Michigan Association of CPAs, Wisconsin Bar Association, The American Accounting Association, AICPA, American Tax Association, and Hawaii Association of Public Accountants.
Non-Member Price $99.00
Member Price $79.00