Content Provider
Peters professional education

Self-Study CPE
CARES ACT ENFORCEMENT: WHAT CAN WE EXPECT FROM THE IRS?
View Details/Register
TAXPAYER PENALTIES, PROMOTER PENALTIES AND FRAUD REFERRALS
View Details/Register
UPDATES FROM IRS CHIEF COUNSEL AND INDEPENDENT OFFICE OF APPEALS
View Details/Register
PUERTO RICO TAX INCENTIVES: HOW TO GET YOUR CLIENTS TO THE 4% TAX BRACKET
View Details/Register
UPDATES FROM HEAD OF IRS COLLECTION AND THE TAXPAYER ADVOCATE
View Details/Register
BEST IRA IDEAS IN 2020
View Details/Register
DOMESTIC TAX ISSUES FOR IMMIGRANTS & ALIENS
View Details/Register
PENALTY STANDARDS FOR THE TAXPAYER AND THE PREPARER
View Details/Register
2021 ANNUAL FEDERAL TAX SEASON UPDATE
View Details/Register
THE SECTION §199A PASS-THROUGH DEDUCTION
View Details/Register
TAX CUTS & JOBS ACT: INDIVIDUAL TAX PREPARATION
View Details/Register
IMPACT OF COVID-19 AND THE TAX CUTS AND JOBS ACT ON LIFE INSURANCE PLANNING
View Details/Register
INTERNATIONAL TAX: CONCEPTS IN A GLOBAL SOCIETY
View Details/Register
MANAGING COMPLEX IRS AUDITS OF MIDSIZE BUSINESS TAXPAYERS - EXPANDED
View Details/Register
INTRODUCTION TO PROCONNECT TAX ONLINE: LIVE DEMO
View Details/Register
ESOP OVERVIEW FOR OWNERS, CFOs & CPAs
View Details/Register
UNDERSTANDING PARTNERSHIP TAXATION: DISTRIBUTIONS
View Details/Register
S CORPS: EVERYTHING YOU NEED TO KNOW
View Details/Register
Self study cpe
Understanding Partnership Taxation: Types of Basis & Contributions

UNDERSTANDING PARTNERSHIP TAXATION: TYPES OF BASIS & CONTRIBUTIONS

CPE Processing Fee$30.00
Webinar TranscriptionN/A
Presentation Length Hour(s)1.5 hours
CPE Credits 1.5 hours
Subject Area 1.5 - Taxes (Federal Tax)
CE Credits 1.0 hour
Course Id# - HURS9-T-00735-20-S
Course LevelIntermediate
Instructional MethodQAS Self-Study
PrerequisitesNone
Advance PreparationNone
Recorded DateSep 17, 2020
Date OfferedSep 17, 2020
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 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

Self-Study Course Instructions:

FOR DOCUMENT-BASED COURSES

Download the course document(s) (below) and follow prompts contained in the document.



FOR RECORDED COURSES WITH VIDEO

Download any course document(s) (below) which may include handouts, glossary, transcripts, etc. Follow any prompts contained in the documents to help you complete the course. Most documents are searchable.

Play the recording, noting the sectional guides indicating where topics on the agenda are covered and the prompts to pause video playback to respond to a review question (located below the video playback area). The timestamps for review questions are also noted below.

Upon completing the video and successfully answering all review questions, you will then take the final exam.

Partnertaxation selfstudy
Handout Materials
Presentation Slides
Review Questions
Review Questions
QUESTION 1: 08:11 minutes
QUESTION 2: 20:30 minutes
QUESTION 3: 43:02 minutes
QUESTION 4: 55:04 minutes
QUESTION 5: 1:11:03 minutes
Frequently Asked Questions
  • CPAacademy self-study courses are online.
  • The self-study format allows you to a) access the material online 24/7 and b) study at your own pace.
  • Per NASBA guidelines, you have one year from date of purchase to complete each program.
  • Complete your final exam at any time and get graded instantly. You can retake the exam at no additional charge (unlimited attempts).
  • Print your own certificate of completion on the spot upon passing the exam.
  • Grading policies: a) courses have a minimum passing score 70% b) test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.

Loading ...

Loading ...
Linkedin
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 the 2018, 2019, and 2020 versions of the Virginia CPA Ethics course – a required course for all CPAs licensed in the Commonwealth of Virginia.

Nasba
Logo qas

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

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.