Basis Calculations for Partnerships and LLCs
Book-Ups, Step-Ups, At-Risk Amounts, Allocating Liabilities, and Tax-Basis Capital Reporting
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax preparers and professionals advising partnerships and LLCs with a solid foundation for calculating and maintaining partners' basis accounts. The panel will discuss book-ups, step-ups, at-risk rules, the corresponding recourse and nonrecourse debt allocations, and recently added tax basis capital reporting requirements for Form 1065.
Outline
- Types of partnerships
- Annual increases and decreases to basis
- The interplay of basis and capital accounts
- Section 754 step-ups
- Book-ups
- At-risk amounts and Form 6198
- Recent tax-basis reporting requirements
- Basis issues in bankruptcy
- Best practices for tracking partners' basis
Benefits
The panel will review these and other crucial questions:
- What complexities should tax preparers be aware of when calculating the basis for pass-through entities?
- What are the increases and decreases to consider for the basis calculation?
- When should a partnership's assets be stepped up?
- What is the difference between inside and outside basis?
Faculty
Terence Coppinger
Managing Director
BDO USA
Mr. Coppinger has been advising clients in the areas of tax information reporting and IRS practice and procedure for... | Read More
Mr. Coppinger has been advising clients in the areas of tax information reporting and IRS practice and procedure for more than 24 years. He provides tax consulting and audit representation related services to the firm's asset management, private equity, and hedge fund clients. His practice focuses on domestic and nonresident alien tax information reporting and withholding obligations, the Foreign Account Tax Compliance Act, The Common Reporting Standard and withholding foreign partnerships. Mr. Coppinger has served on the IRS Relations Committee of the New York State Society of CPAs and the IRS’ Information Reporting Program Advisory Committee where he sat on the International Reporting and Withholding subcommittee.
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Andrew Kramer, CPA
Senior Manager
Yeo & Yeo CPAs & Business Consultants
Mr. Kramer has more than 14 years of client service experience, specializing in tax planning and preparation for... | Read More
Mr. Kramer has more than 14 years of client service experience, specializing in tax planning and preparation for partnerships across all industries. His primary expertise lies in advising clients on partnership formation transactions, complex allocations of profit and loss, assisting clients in complying with evolving reporting requirements, allocations of partnership liabilities, and partner exit strategies. He also advises clients on the qualified business income deduction under Section 199A and has past experience with publicly-traded partnerships, real estate investment trust operating partnerships, and renewable energy tax credits.
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CPE credit is not available on downloads.
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