Understanding Partnership Taxation Basis and Contributions

OL1226  |  On Demand Course  |  Update  |  Self-Study

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 use the term basis, we really could be referring to one of three different things! This course will explore the differences between inside basis, outside basis, and 704(b) basis. Through several examples and practice problems, we will show you how to easily distinguish between these terms. We will also explore the tax implications of initial contributions of property to a partnership.

Credits

Number of Credits Type of Credits
2.50 Taxes

Highlights

  • Three Different Types of Basis
  • Contributions of Property – In General
  • IRC 704(b) Capital Accounts & Special Allocations
  • Contributions of Property & 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 to a partnership that are encumbered by debt

Notes

TEST YOUR SYSTEM

We have updated the format of the vidoes in the TSCPA On Demand Video Library to optimize your viewing experience. Please take a quick moment to view the video below and test your system.

Can you play the video above? If not, your network's firewall is likely blocking our on-demand courses. Please have an IT professional whitelist vimeo.com and vimeocdn.com. If you have additional questions, please contact TSCPA at 615/377-3825.

Login and eMaterials: To access TSCPA's On Demand Video Library courses and related eMaterials, click on your My CPE page. All On Demand course purchases will be accessible from this personalized page.

Cancellations, substitutions and transfers are not available for On Demand courses or self-study products. By registering for this On Demand course, you agree to TSCPA's Policies and Procedures.

Prices

Member (Early Bird)
$95.00
Non-Member (Early Bird)
$125.00
Member
$95.00
Non-Member
$125.00
Your Price: $125.00

This is your base price and does not reflect any additional session fees, optional add-ons, or guest registrations.

Members log in and save $30.00 on this event. Not a member? join today.

Instructors

David Peters

David Peters is the founder and owner of Peters Tax Preparation & Consulting in Richmond, VA, as well as a financial advisor for Peters Financial, LLC. He has over 15 years of experience in financial services, including three years in the hedge fund industry and six years in the insurance industry.

David was the first-ever Chief Financial Officer at Compare.com – a position he held for over three years. He is a national CPE instructor/discussion leader for the AICPA, Kaplan, and Surgent, and he was a recipient of Surgent's Outstanding Discussion Leader award for 2019. He regularly teaches courses in accounting, finance, insurance, financial planning, and ethics throughout the United States. He is the advisor for business and industry topics for the South Carolina Association of CPAs and was a recipient of The American College of Financial Services' 2019 NextGen Financial Services Professional Award.

He holds four master's degrees and is currently pursuing his Ph.D. in financial planning. He contributes regularly to various CPA publications, including NCACPA's Interim Report, SCACPA's CPA Report, and VSCPA's Disclosures. He was also a co-author of the 2018, 2019, and 2020 versions of the Virginia CPA Ethics course – a required course for all CPAs licensed in the Commonwealth of Virginia. Registered Representative offering securities through Cetera Advisor Networks LLC, member FINRA/SIPC. Advisory services offered through Carroll Financial Associates, Inc., a Registered Investment Adviser. Carroll Financial and Cetera Advisor Networks, LLC are under separate ownership and are not affiliated with any other named entity.

Back to Instructors
Return to Events