Overview
Determining a partner's basis is key to figuring out the taxability of distributions, deductibility of losses, gain/loss on sale of the partnership interest, and other important matters. Using examples and case studies, this self-study webinar focuses on how to determine the partner's basis in the partnership interest.
AGENDA HIGHLIGHTS
• Inside and outside basis
• Basis vs. capital accounts
• Determination of the partner's basis in partnership interest
• Definition of liability for partnership purposes and allocation among partners
• Review of examples and case studies
• Discussion of related IRS court cases
LEARNING OBJECTIVE To show tax professionals how to determine the partner's basis in partnership interest.
PREREQUISITE Basic knowledge of federal taxation. ADVANCE PREPARATION None. PROGRAM LEVEL Intermediate.
NASBA FIELD OF STUDY Taxes. DELIVERY METHOD Self-Study.
Speakers
SPEAKER
W. Stewart Connard, CPA
Detailed Learning Objectives
• Recognize the components of a partner’s basis in his partnership interest
• Recognize the limitations on a partner’s ability to deduct his share of allocated partnership losses
• Recognize those factors that will increase and decrease a partner’s basis in his partnership interest
• Identify which individuals within partnerships are typically personally liable for entity debt
• Identify the conceptual method by which recourse debt is allocated
• Identify the characteristics of nonrecourse debt
• Recognize the seven factors necessary to ensure a partner’s payment obligation will be treated as recourse debt
• Identify and characterize the three tiers of nonrecourse debt