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NTA2012
Partnership Basis: Inside, Outside, and Everything in Between
Date
November 16, 2020
$49
Standard Price
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This includes sessions from the conference: AICPA National Tax & Sophisticated Tax Conferences with Private Foundation Summit 2020
Basis plays a critical role in the timing and the amount of gain or loss that a partnership or its partners recognize in a variety of transactions. This session will provide an overview of the concepts and differences among inside basis, outside basis, and capital accounts. We will also highlight the effects on basis resulting from certain events, including contributions, distributions, and transfers of partnership interests. This session will also cover optional (or possibly required) adjustments to basis resulting from a Section 754 election as well as the new tax capital reporting requirements for partnerships.
Learning Objectives
- Distinguish between the components of inside basis, outside basis, and capital accounts and the purpose of each.
- Identify events and transactions that require a partner to determine its outside basis.
- Determine potential traps for the unwary with respect to basis adjustments arising due to a Section 754 election and the new tax capital reporting requirements.
Speaker
Joseramon Carrasco, CPA
Managing Director, Grant Thornton LLP
General
Session Categories
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