Date and Time: Tuesday, June 7 – 10:00 am – 11:50 am EST
Description: 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.
- Apply the latest tax provisions related to LLC members/partners basis
- Calculate tax basis capital accounts
- 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
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
Field of Study: Taxes
Prerequisites: Basic knowledge of partnership taxation.
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.