DESIGNED FOR
CPAs working in public accounting and/or working for partnerships.
BENEFITS
After attending this presentation you will be able 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.
HIGHLIGHTS
The major topics covered in this class include:
- 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 partnerships 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
PREREQUISITES
Basic working knowledge of partnership taxation.
ADVANCE PREPARATION
None