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A detailed analysis of the calculations related to determining a partner’s tax basis for a partnership interest and 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. 

Learning Objectives: To provide a thorough review and update of the tax issues related to LLC members/partners basis from formation through operations and concluding with sale and/or liquidation.

Program Content:

  • 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 partnership 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/or liquidation of the partnership interest.

Who should attend: CPAs working in public accounting firms and/or working for partnerships.

Program Level: Intermediate

Developed By: Federal Tax Workshops, Inc

Instructor: Steven C. Dilley, CPA, JD, PhD

CPE Credit: 2.5

Note: This course qualifies for PTIN credit.

Field of Study: Taxation

Prerequisites: Basic working knoweldge of partnership basis reporting.

Advanced Preparation: None

Steven C. Dilley, CPA, JD, PhD

Steve is President of Federal Tax Workshops, Inc., where for over 40 years, he has developed and presented continuing education seminars and webinars on tax, accounting and ethics topics for accountants and attorneys throughout the country. He is nationally known for his knowledge of the financial, accounting, and tax problems of the closely held business and has published numerous articles on these topics.

In addition, Steve is a Professor Emeritus of Accounting at Michigan State University, East Lansing, where he taught tax accounting. He has been received the “Distinguished Achievement in Accounting Education Award” in Michigan, as well as the MSU Accounting and Information Systems Department Outstanding Teacher Award.

Only registered attendees have access to the handout materials.