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.
Learning Objectives
After attending the presentation, you will be able to
- Identify ways to save between 60-120 minutes
- Determine time wasters and common distractions that interfere with productivity and focus
- Apply stress management by taking short incremental breaks and understand how it impacts time management and work efficiency
- Analyze and prioritize tasks and meet deadlines
- Determine how to delegate effectively and with greater confidence
Major Topics
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.
