Error loading player: No playable sources found
NTA2012
Partnership Basis: Inside, Outside, and Everything in Between
Date
November 16, 2020
$49
Standard Price
This product is also available as part of the following products:
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
Related Products
Cryptocurrency Taxation: Nuts, Bolts and Tax Law Updates
With the inclusion of a virtual currency question on the front and center of 2020 Form 1040, cryptocurrencies are heading mainstream. It is important that practitioners know how to help clients who check "yes" for this question…
AICPA Tax Policy & Advocacy Update
Chris Hesse (Chair of the AICPA's Tax Executive Committee) and the AICPA Tax Policy & Advocacy team will discuss how the AICPA's advocacy efforts resulted in guidance helpful to taxpayers and CPAs…
Partnership: Part II
Explore the impact of recent tax legislation and newly issued regulations impacting partnership taxation, including the recently issued proposed regulation for carried interests under Sec. 1061…
Planning for the Sale of Privately Held Businesses
This session will explore various aspects of M&A transactions for privately held businesses focusing on common issues and opportunities faced by sellers of privately held businesses and steps that can be taken to mitigate tax gain and/or related exposures including Section 1202, negotiating seller…
