Partnership Basis: Inside and Out FLEXCAST

Overview

Complete and accurate partnership basis calculations, inside and outside, offer substantial tax savings for partner loss utilization and reducing tax on excess distributions or the sale of a partnership interest. Partnership basis is currently an IRS compliance target and we need to understand the many recent changes for partnership basis K-1 reporting as the individual or the business tax preparer we need confidence in our basis reporting skills. We need strong skills related to the many components of basis; allocating profit, losses, and other Schedule M-1 adjustments, partnership contributions, loans to the partnership, loan guarantees, distributions, partner benefits, sale of a partnership interest, distributions of partnership assets and more.

Highlights

Schedule K-1. Tax Basis Capital Accounts for New Partners. Partner’s Outside Basis. Nonrecourse Liabilities. Partnership Distributions.

Prerequisites

None.

Designed For

CPAs, financial professionals, enrolled agents and attorneys.

Objectives

Determine accurate basis for partners and develop strategies for troubleshooting basis issues. Calculate and track accurate inside and outside partnership basis with a strong understanding of the complex components of basis. Develop valuable tax strategies and tax planning moves to maximize a partner’s tax benefits for utilizing pass through losses and minimizing tax on distributions and sale of a partnership interest. Learn the latest changes to partnership K-1 basis reporting requirements. Understand other basis issues related to loss limitations, taxable distributions, compliance risk and tax planning.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.