The major topics that will be covered in this class include:
- How to calculate tax basis capital accounts
- 2020 new reporting rules on Form 1065, Schedule K-1
- Calculation of basis when the entity is formed, including the impact of contributed property
- Explanation of the use of both "inside" and "outside" basis determination
- Clarifies the importance of partnership capital accounts and partnerships debt on partner's tax basis
- Comprehensive example illustrating the mechanics of the basis determination process
- Discussion on how basis is impacted by distributions of partnership property
- Explanation of how basis is impacted by sale and/or liquidation of the partnership interest