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Audio & Reference Manual

Partnership Basis Rules: Relevance and Computation

The determination of a partner's outside basis in a partnership interest is crucial in determining the federal tax consequences of partnership interest transfers, non-liquidating and liquidating partnership distributions and the ability of a partner to deduct its share of partnership losses. Computing outside basis is not always a straightforward task, especially in allocating partnership liabilities among partners. This OnDemand Webinar is intended to provide you with information on calculating the basis and its impact on partner-level gain or loss calculations. The program will include an overview of the applicable authorities as well as case studies illustrating the application to real world situations.

Learning Objectives:

  • You will be able to discuss an overview of when outside basis is important.
  • You will be able to review initial outside basis determinations.
  • You will be able to identify and adjust outside basis for partnership allocations under Section 705.
  • You will be able to describe allocations of partnership liabilities under Section 752.

Runtime: 91 minutes
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Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Outside Basis Relevance

  • Interest Transfers
  • Distributions
  • Loss Allocations

Initial Outside Basis Determination

  • Property Contributions
  • Compensatory Interests
  • Interest Purchases

Outside Basis Adjustments From Partnership Allocations

  • Section 705

Allocations of Partnership Liabilities

  • Overview of Section 752
  • Allocation of Recourse Liabilities
  • Allocation of Nonrecourse Liabilities
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on March 14, 2013.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.7
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Steven A. Schmoll

Steven A. Schmoll

Ernst & Young LLP

  • Senior manager, based in Washington, D.C., in Ernst & Young LLP’s National Tax Office in the Partnership Transactional Planning & Economics Group
  • Focuses on the taxation of partnerships, joint ventures and limited liability companies
  • Speaker on partnership tax topics at the NYU Summer Tax Institute, the ABA Joint Fall CLE Meeting and the Bar Association of the District of Columbia
  • Wrote multiple publications relating to partnership tax
  • LL.M. degree in tax, New York University School of Law
  • J.D. degree, University of Minnesota Law School
  • B.S. degree in finance, University of Southern California
  • Can be contacted at 202-327-6217 or [email protected]
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Product ID: 390920
Published 2013, 2019
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