Courses

Calculating a Partner's or LLC Member's Basis (CPMB)

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Member Price: $0.00 Non-Member Price: $0.00

Date/Time:: Jun 2, 2020, 1:00pm–3:00pm
Developer:: SURGENT MCCOY SELF-STUDY CPE, LLC
Level:: Basic

You should attend this program because it will discuss in a practical way how a partner or member's basis in a partnership (or LLC treated as a partnership) is calculated. This topic is particularly important for any tax practitioner who deals at even a basic level with partnership distributions of cash and property and/or the sale of a partnership interest. The concept of basis is fundamental to an understanding of almost all aspects of partnership taxation.

Note: The Section 754 election and concomitant basis adjustments are not covered in this program. However, those topics are discussed in detail in S754, Section 754 Step-Up in Basis: Understanding the Tax Issues for Partnerships and LLCs. For information on this and other webinars, please contact Surgent.

Objective

Understand how a partner/member determines his or her basis
Identify and understand the specific negative and positive adjustments to a partner's basis and the ordering rules applicable to such adjustments

Highlights

How to determine partner basis in a partnership or multiple member limited liability company treated as a partnership
Specific positive and negative partner/member basis adjustments
The ordering rules for making multiple basis adjustments
The treatment of recourse and nonrecourse liabilities as components of basis

Designed For

Any tax practitioner with partnerships, multiple member LLCs or partners/members as clients

Prerequisite

Basic understanding of tax rules relating to partnerships and partners

Advanced Preparation

None