Webinar: Understanding Partnership Taxation: Types of Basis, Contributions, and Distributions
WS256 | Course | Intermediate | Scheduled
Description
Calculating partnership basis is one of the most important things that we do as practitioners. However, it is also one of the most confusing. When we
Credits
| Number of Credits | Type of Credits |
|---|---|
| 4.00 | Taxes |
Designed For
Tax practitioners who are looking to improve their knowledge of basis types, the calculation of basis, and the implications of making contributions to a partnership
Prerequisites
Working knowledge of fundamental partnership tax concepts
Highlights
- Three different types of basis
- Contributions of property
- IRC 704(b) – Capital Accounts and Special Allocations
- Contributions of property and debt
- Contributions of services
- IRS Notice 2020-43
Objectives
- Calculate inside basis, outside basis, and 704(b) basis
- Recognize the concept of substantial economic effect
- List the three requirements that need to be present for an allocation to be deemed to have economic effect
- Calculate the reallocation of items of gains and loss under IRC 704(b) when a qualified income offset is present
- Recognize the tax effects of transferring cash, property, and services to a partnership
- Recall the tax effects of contributing assets that are encumbered by debt to a partnership
- List the key rules of thumb to remember when dealing with distributions
- State the ordering rules for calculating a partner’s tax basis
- Describe the key differences between liquidating and non-liquidating distributions
- Determine any applicable tax gains and losses of cash and property distributions
- State the ordering rules for hybrid distributions that involve both cash and property
Preparation
None
Notes
This webinar is provided by Surgent. After registering for the course, you will receive an email from Surgent with instructions for logging in to the webinar and obtaining your eMaterials.
You may confirm that your computer meets the minimum requirements by visiting: https://www.surgentcpe.com/webinartest/.
Prices
- Member (Early Bird)
- $159.00
- Non-Member (Early Bird)
- $159.00
- Member
- $159.00
- Non-Member
- $159.00