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Partnership Basics: Understanding Tax Basis
Taxation Section
Credit(s):
2 Legal Specialization in Taxation Law
2 Participatory MCLE Credits
Partnerships are an important part of United States tax administration and a major tax planning vehicle. This Webinar introduces tax issues and concepts for partnerships and is designed for both young and experienced tax professionals who need to remain sharp on partnership mechanics.
Covering both a partner’s tax basis in the partnership (or LLC) interest and the partnership’s tax basis in contributed property, the two basic sentences under the Internal Revenue Code are quickly altered by a complex other statutory provisions that control the determination of basis. Included coverage will be special assets (e.g., installment notes), the impact of the contribution (and assumption) of recourse and non-recourse indebtedness, and other events impacting tax basis, during the partnership’s lifecycle. This program will include practical examples to demonstrate how these rules work. Time allowing, we will also go into holding periods of partnership interests, characterization of assets as ordinary or capital assets, the effect of Quality Opportunity Zone investment on basis and partnership mergers. Code Provisions covered may include Section 722, 723, 754, 755 and other code sections.
2 Legal Specialization in Taxation Law
2 Participatory MCLE Credits
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