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Credits: 2

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Calculating a Partner's or LLC Member's Basis (CPMB)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Basic
  • Credits
    2
  • Qualifies for

    IRS CPE

Overview

You should attend this program because it will discuss in a practical way how a partner or member's basis in a partnership (or LLC treated as a partnership) is calculated. This topic is particularly important for any tax practitioner who deals at even a basic level with partnership distributions of cash and property and/or the sale of a partnership interest. The concept of basis is fundamental to an understanding of almost all aspects of partnership taxation. Note: The Section 754 adjustment is not a topic of this program. However, that topic is discussed in great detail in S754, Section 754 Step-Up in Basis: Understanding the Tax Issues for Partnerships and LLCs. For information on this and other webinars covering that topic, please contact Surgent.

Major Topics:

  • How to determine partner basis in a partnership or multiple member limited liability company treated as a partnership
  • Specific positive and negative partner/member basis adjustments
  • The ordering rules for making multiple basis adjustments
  • The treatment of recourse and nonrecourse liabilities as components of basis

Learning Objectives

  • Understand how a partner/member determines his or her basis
  • Identify and understand the specific negative and positive adjustments to a partner's basis and the ordering rules applicable to such adjustments

Who should take this course:

Designed for:

Any tax practitioner with partnerships, multiple member LLCs or partners/members as clients

Prerequisite:

Basic understanding of tax rules relating to partnerships and partners

Advanced Preparation:

None

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