BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//South Carolina Association of CPAs - ECPv6.15.20//NONSGML v1.0//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
X-ORIGINAL-URL:https://sc.cpa
X-WR-CALDESC:Events for South Carolina Association of CPAs
REFRESH-INTERVAL;VALUE=DURATION:PT1H
X-Robots-Tag:noindex
X-PUBLISHED-TTL:PT1H
BEGIN:VTIMEZONE
TZID:America/Detroit
BEGIN:DAYLIGHT
TZOFFSETFROM:-0500
TZOFFSETTO:-0400
TZNAME:EDT
DTSTART:20240310T070000
END:DAYLIGHT
BEGIN:STANDARD
TZOFFSETFROM:-0400
TZOFFSETTO:-0500
TZNAME:EST
DTSTART:20241103T060000
END:STANDARD
BEGIN:DAYLIGHT
TZOFFSETFROM:-0500
TZOFFSETTO:-0400
TZNAME:EDT
DTSTART:20250309T070000
END:DAYLIGHT
BEGIN:STANDARD
TZOFFSETFROM:-0400
TZOFFSETTO:-0500
TZNAME:EST
DTSTART:20251102T060000
END:STANDARD
BEGIN:DAYLIGHT
TZOFFSETFROM:-0500
TZOFFSETTO:-0400
TZNAME:EDT
DTSTART:20260308T070000
END:DAYLIGHT
BEGIN:STANDARD
TZOFFSETFROM:-0400
TZOFFSETTO:-0500
TZNAME:EST
DTSTART:20261101T060000
END:STANDARD
END:VTIMEZONE
BEGIN:VEVENT
DTSTART;TZID=America/Detroit:20250828T083000
DTEND;TZID=America/Detroit:20250828T120000
DTSTAMP:20260430T110643
CREATED:20250331T205319Z
LAST-MODIFIED:20250827T163507Z
UID:10004320-1756369800-1756382400@sc.cpa
SUMMARY:(LITX14/26) Understanding Partnership Taxation - Distributions\, Basis and Contributions
DESCRIPTION:Event Description\nNavigating the complexities of small business partnerships requires a keen understanding of the financial dynamics at play. Small business owners often blur the lines between personal and company finances\, leading to frequent distributions from these partnerships. As advisors\, it’s crucial for us to comprehend the tax implications of these distributions\, distinguishing which ones are safe and which might pose a problem. In our comprehensive course\, we delve into partnership basis calculation\, a critical yet often confusing aspect of our practice. We explore the distinctions between inside basis\, outside basis\, and 704(b) basis\, shedding light on this intricate topic through easy-to-follow examples and practice problems. Additionally\, we will discuss the different types of distributions-cash\, property\, and hybrid-providing clarity on scenarios where a mix of both cash and property is involved. Lastly\, we will examine the tax implications of initial contributions of property to a partnership\, ensuring a well-rounded understanding of partnership dynamics.  \n\nEnrolled Agent Approved \nObjectives\n\nList the key rules of the thumb to remember when dealing with distributions \nState the ordering rules for calculating a partner’s tax basis \nDescribe the key differences between liquidating and non-liquidating distributions \nDetermine any applicable tax gains and losses of cash and property distributions \nState the ordering rules for hybrid distributions that involve both cash and property \nCalculate Inside Basis\, Outside Basis\, and 704(b) Basis \nRecognize the concept of Substantial Economic Effect \nList the three requirements that need to be present for an allocation to be deemed to have Economic Effect \nCalculate the reallocation of items of gains and loss under IRC 704(b) when a qualified income offset is present \nRecognize the tax effects of transferring cash\, property\, and services to a partnership \nRecall the tax effects of contributing assets to a partnership that are encumbered by debt
URL:https://sc.cpa/event/litx14-26-understanding-partnership-taxation-distributions-basis-and-contributions/
CATEGORIES:Livestream
ORGANIZER;CN="David R. Peters%2C CPA%2C CFP%2C CLU%2C CPCU":MAILTO:david@petersprofessionaleducation.com
END:VEVENT
END:VCALENDAR