S27-Partner's Basis: Calculating It & Dealing With It

Friday, June 28 | 10:10 am - 11:50 am
Track: Individual
CE Categories:
     2 hours Federal Tax Law (EA, CRTP, OTRP)
     2 hours Taxes/Tax Planning (CPA, CFP)
     1.75 hours Taxation Law (Attorney – CA Bar MCLE)
     2 hours (CSEA/NAEA)
Speaker: Alan Pinck, EA

Description: Once we know how to calculate outside basis we need to know what to do with it when filing the personal tax returns. This session will go over how a partner's basis affects what happens on passthrough items to the individual tax return as well.

Learning Objectives
1. Learn to calculate outside basis
2. See how to properly report items from the K-1 from the individual tax return 
3. Understand how basis affects distributions of property 
4. Find out how basis affects distributions in a liquidation

Learning Level: Advanced

Prerequisites: Some understanding of partnership basis

Advanced Preparation: A review of Form K-1