On-Demand
Don Farmer's Partnership Basis: Inside vs. Outside Basis 1st Ed.
CPE: 2
Overview
This course provides an in-depth examination of partnership basis concepts, focusing on the distinction and interaction between inside and outside basis. Participants will analyze contributions, allocations, distributions, liabilities, and basis adjustments that commonly lead to reporting errors. Emphasis is placed on reconciling partner capital accounts, K-1 reporting, and tax basis schedules.
Product Code
1000005385
Credit Type
CPE: 2CPE-Technical: 2Format
Online Self-Study
Intended Audience
CPAs and tax professionals involved in the world of tax.
NASBA Field of Study
Taxes
Level of Difficulty
Intermediate
Prerequisites
None
Advance Preparation
None
Learning Objectives
Major Subjects
- Partnership basis concepts discussing the technical distinction between inside basis and outside basis and their role in partnership taxation
- Calculation of initial and adjusted outside basis for partner contributions of cash, property, and liabilities
- Impact of partnership allocations, distributions, and IRC §752 liability allocations on partner basis
- Basis adjustments and reporting risks
- Application of basis rules to loss deductibility and gain recognition on distributions
- Reconciliation of partner capital accounts to tax basis schedules for compliance and planning purposes
Additional Details
This course is provided through our partnership with the Virginia Society of CPAs and Don Farmer Tax Education.