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Peters professional education

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Cpece webinars
Understanding Partnership Taxation: Types of Basis & Contributions

UNDERSTANDING PARTNERSHIP TAXATION: TYPES OF BASIS & CONTRIBUTIONS

This webinar has expanded to 2-hours
Available Date(s)
Monday, May 03, 2021: 12:00PM EDT
Thursday, June 24, 2021: 12:00PM EDT

Cost $40.00
CPE Credits 2.0 hours
Subject Area 2.0 - Taxes (Federal Tax)
CE Credits 2.0 hours
Course Id# - HURS9-T-00818-20-O
Course Level Intermediate
Instructional Method Group Internet Based
Prerequisites Working knowledge of fundamental partnership tax concepts
Advanced Preparation None
Course Description

Calculating a 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. We will show you how to distinguish between these terms more easily through several examples and practice problems. We will also explore the tax implications of the initial contributions of property to a partnership.

 Learning Objectives:


  • Define inside basis, outside basis, and 704(b) basis

  • Identify the concept of substantial economic effect and why it is important

  • List the three requirements that need to be present for an allocation deemed to have an economic effect

  • Determine 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

  • Identify the tax effects of contributing assets to a partnership that are burdened by debt

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Peters professional education

David Peters is the founder and owner of Peters Tax Preparation & Consulting in Richmond, VA, and a Financial Advisor for Peters Financial, LLC.  He has over fifteen years of financial services experience, including three 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 accounting, finance, insurance, financial planning, and ethics throughout the United States.  He is the advisor for Business & Industry topics for the SC Association of CPAs and was a recipient of The American College’s 2019 NextGen Financial Services Professional Award.  He holds four Master’s degrees and is currently pursuing his Ph.D. in Financial Planning. He regularly contributes to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures.  He was also a co-author of 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, you must register for the webinar before it starts.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • To receive CPE for multiple attendees, at least one person must sign up for the webinar. The post-webinar email contains a link to instructions for the proctor letter. Alternatively, you may log in to your account following the webinar and click on the MY ACCOUNT button to find a link to instructions. For paid courses, payment needs to be made for each attendee before credit will be issued.
Handout Materials
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.