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Partnerships and S Corporations: How to Calculate Basis

  • 12/05/2022
  • 9:00 AM - 1:03 PM
  • Webinar-ACPEN

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The IRS has recently increased the pressure on how to calculate and report partner and shareholder basis. Changes in the forms reflect these developments. This program provides a detailed analysis of the calculations related to determining tax basis for a partnership interest and S corporation shareholder shares and loans. How to use the Form 1065, Schedule K-1 and Form 1120S, Schedule K-1 information for basis determination. Illustrated examples with filled in forms will demonstrate how the processes works and their many potential pitfalls.

**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to leighanne.conroy@acpen.com.

          Learning Objectives: 


          Key Topics:
          • Calculation of basis when the entity is formed, including the impact of contributed property
          • How to calculate partnership tax basis capital accounts
          • Explains the use of both "inside" and "outside” basis determination
          • Clarifies the how partnerships and S corporations debt impacts tax basis
          • Discusses how distributions affect basis
          • Explains how basis is impacted by sale and/or liquidation of the partnership or S-corporation interest
          • Discusses how S corporation losses impact Form 1040 Schedule E reporting
          • Comprehensive examples to illustrate the mechanics of the basis determination process 
                                                                                                                Designed for: CPAs working in public accounting firms and/or working for partnerships or S corporation

                                                                                                                Level: Intermediate

                                                                                                                Instructor: Steven Dilley, CPA, JD, PhD

                                                                                                                Developer: Federal Tax Workshop

                                                                                                                CPE Credits: 4.4

                                                                                                                Area(s) of Study: Taxes - Technical

                                                                                                                Prerequisite: Basic working knowledge of partnership and S corporation taxation.


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