Description:

This book is for preparing 2024 taxes. Partnership outside basis is important because it dictates the investment each partner holds in the partnership. This, in turn, dictates how much a partner can receive in distributions or take as a loss deduction without incurring additional tax liabilities or loss limitations. A partner’s outside basis changes as time goes by. Each year, a partner’s outside basis increases or decreases based upon the operations of the partnership. This course discusses the components of basis and how to calculate the partner’s outside partnership basis and the inside basis of partnership assets. An example will be provided and utilized to illustrate the concepts.

Topics include:

• Recognizing items that increase or decrease a partner's basis in a partnership
• Differentiate between inside and outside partnership basis
• Determine whether distributions are taxable to the partner

Product Details:

Item Number: 24375

Level: Basic

Authors: NATP Staff

Published: 2024

Format: Print - 44 pages

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Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2024 course.