Reconstructing Basis for Partnerships
2 CPE for AFSP, EA, CFP®, CPA, CRTP
A partner’s basis in a partnership is a fundamental concept that affects loss deductibility, distributions and gain or loss on disposition. However, many partners fail to track their basis properly, leading to reporting issues and potential tax consequences. This session will cover the calculation of a partner’s inside and outside basis. You’ll learn how to reconstruct basis when records are incomplete using available tax documents such as K-1s, prior tax returns and partnership agreements. By the end of this course, you’ll leave equipped to accurately track and restore partner basis, ensuring proper reporting and preventing costly tax errors.
Objectives
Upon completion of this session, you will be able to:
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Calculate a partner’s basis, including adjustments for contributions, income, losses, distributions and debt allocations
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Differentiate between a partner’s inside and outside basis in a partnership
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Reconstruct a partner’s basis when records are incomplete using tax returns, Schedules K-1 and other financial documents
CPE information
Duration: 100 minutes
Course level: Basic
Prerequisite: None
Advanced preparation: None
Delivery method: Group Live
