DESCRIPTION

This course focuses on the mechanics of Partnership & LLC tax basis. We will spend time reviewing the difference between inside and outside basis differences as well as classifying liabilities. There will also be an opportunity to practice the annual roll forward of basis and analyze at-risk loss limitations.

LEARNING OBJECTIVES

  • Differentiate between inside basis and outside basis
  • Determine how to classify different types of debt, including recourse debt, non-recourse debt, and qualified non-recourse debt
  • Analyze the increases and decreases to tax basis and at-risk basis
  • Practice calculations

Prerequisites

None

Advanced Preparation

None

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