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Peters professional education

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Free cpece webinars
Understanding Partnership Taxation: Types of Basis & Contributions

UNDERSTANDING PARTNERSHIP TAXATION: TYPES OF BASIS & CONTRIBUTIONS

Cost Free
CPE Credits 1.5 hours
CE Credits 1.0 hour
Course Id# - HURS9-T-00803-20-O
Subject Area Taxes (Federal Tax)
Course Level Intermediate
Instructional Method Group Internet Based
Prerequisites Working knowledge of fundamental partnership tax concepts
Advanced Preparation None
Course 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 the initial contributions of property to a partnership.

Learning Objectives:


  • Calculate Inside Basis, Outside Basis, and 704(b) Basis

  • Discuss the concept of Substantial economic effect and why it is important

  • 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 

  • Determine the tax effects of transferring cash, property, and services to a partnership

  • Describe the tax effects of contributing assets to a partnership that are encumbered by debt

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Peters professional education

David Peters is the Founder and Owner of Peters Tax Preparation & Consulting in Richmond, VA, as well as a Financial Advisor for Peters Financial, LLC.  He has over fifteen years of experience in financial services, including 3 years in the hedge fund industry and six years in the insurance industry.  David was the first-ever Chief Financial Officer at Compare.com - a position he held for over three years.  He is a national CPE Instructor/Discussion Leader for the AICPA, Kaplan, and Surgent, and was a recipient of Surgent’s Outstanding Discussion Leader award for 2019. He regularly teaches courses in accounting, finance, insurance, financial planning, and ethics throughout the United States.  He is the advisor for Business & Industry topics for the SC Association of CPA’s and was a recipient of The American College’s 2019 NextGen Financial Services Professional Award.  He holds four Masters degrees, and is currently pursuing his PhD in Financial Planning. He contributes regularly to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures.  He was also a co-author of the 2018, 2019, and 2020 versions of the Virginia CPA Ethics course – a required course for all CPA’s licensed in the Commonwealth of Virginia

Frequently Asked Questions
  • To receive CPE credit for the event, you must register for the webcast prior to the start of each program.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • Multiple attendees: In order to receive CPE for multiple attendees, ensure that at least one person signs up for the webinar. At the completion of the webinar a proctor form is provided. Alternatively, you may also login to your account following the webinar and click on the MY ACCOUNT button where you will find a link to the proctor letter.
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Presentation Slides
Nasba

NASBA Approved

CPAacademy.org (Sponsor Id#: 111889) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222

Irs

EA Approved

CPAacademy.org (Sponsor Id#: HURS9) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222

About Our Presenter

Peters professional education
Peters Professional Education provides high quality continuing education courses to financial professionals across several industries, including insurance, financial planning, and accounting. We work with both CPA societies and financial firms to provide timely content that empowers financial professionals to better serve the evolving needs of their clients.