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.
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
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