Event Description

Calculating partnership basis is one of the most important things that we do as practitioners. However, it is also one of the most confusing. When we use the term basis, we really could be referring to one of three different things! This course will explore the differences between inside basis, outside basis, and 704(b) basis. Through several examples and practice problems, we will show you how to easily distinguish between these terms. We will also explore the tax implications of initial contributions of property to a partnership.

Objectives

Calculate Inside Basis, Outside Basis, and 704(b) Basis. 
Recognize the concept of Substantial Economic Effect. 
List the three requirements that need to be present for an allocation to be deemed to have Economic Effect. 
Calculate the reallocation of items of gains and loss under IRC 704(b) when a qualified income offset is present.  
Recognize the tax effects of transferring cash, property, and services to a partnership. 
Recall the tax effects of contributing assets to a partnership that are encumbered by debt.