Webcast: Calculating a Partner's or LLC Member's Basis (XSCPMB17)
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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.

9/1/2017
When: 09/01/2017
12:00 PM until 2:00 PM
Where: Webcast
SURGENT
CPMB-2017-01-WEBNR-244-50
United States
Presenter: Mike Tucker, Ph.D., LL.M., J.D., CPA


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Acronym XSCPMB17
CPE 2 hours
Vendor Surgent
Category
Taxation
Level Basic
Prerequisite Basic understanding of tax rules relating to partnerships and partners
Adv Prep None
Yellow Book? No
Designed for Any tax practitioner with partnerships, multiple member LLCs or partners/members as clients
Registration
Member $89
CPA Non-Member $114

The Member rate applies to LCPA members, other state society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Course Description

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 adjustment is not a topic of this program. However, that topic is discussed in great detail in S754, Section 754 Step-Up in Basis: Understanding the Tax Issues for Partnerships and LLCs. For information on this and other webinars covering that topic, please contact Surgent.

Objectives

  • 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

Topics

  • 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