Understanding Partnership Basis
2 CPE for AFSP, EA, CFP®, CPA, CRTP
Is partnership basis really as simple as looking at the Schedule K-1 capital account? If so, why are there always questions in regards to basis? Partnership basis can seem like an easy concept at first glance. Once you dive into the details, you realize there is more to understand than simply a number on the Schedule K-1.
Objectives
Upon completion of this session, you will be able to:
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Compare and contrast the differences between the capital account and outside basis
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Identify how allocated liabilities impact basis
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Recall the differences between basis and at-risk basis
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Distinguish the difference between a negative capital account and outside basis
CPE information
Duration: 100 minutes
Course level: Intermediate
Prerequisite: Knowledge of fundamental partnership tax concepts
Advanced preparation: None
Delivery method: Group Internet-Based