Partnerships and S Corporations: How to Calculate Basis

1:00 PM ET | 12:00 PM CT | 10:00 AM PT
July 31, 2024
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The IRS has recently increased the pressure on how to calculate and report partner and shareholder basis. Changes in the forms reflect these developments. This program provides a detailed analysis of the calculations related to determining tax basis for a partnership interest and S Corporation shareholder shares and loans. How to use the Form 1065, Schedule K-1 and Form 1120S, Schedule K-1 information for basis determination. Illustrated examples with filled in forms will demonstrate how the processes works and their many potential pitfalls.

This two-hour webinar will discuss basis calculations for S-Corps and Partnerships, as well as capital accounts and partnerships. Basis calculations are tricky for practitioners, because basis is actually an individual/Form 1040 concept — individuals are responsible for determining their basis. However, all of the items necessary for making this computation are generated at the S-corporation or partnership level.

This training focuses on the numbers necessary to make basis calculations, and what those calculations actually impact. In additions, partnerships now have a requirement to report capital accounts under the tax basis of accounting. Capital accounts ARE an entity requirement (unlike basis). This webinar will cover how to determine capital accounts, and what a capital account affects.

Session Highlights

  • Identify the tax issues related to S Corporation owner's basis for shares and loans from formation through operations and concluding with sale and/or liquidation
  • Identify the tax issues related to LLC members/partners basis from formation through operations and concluding with sale and/or liquidation
  • Understand potential pitfalls and planning strategies

Areas covered in the Session 

  • Calculation of basis when the entity is formed, including the impact of contributed property
  • How to calculate partnership tax basis capital accounts
  • Explains the use of both "inside" and "outside" basis determination
  • Clarifies the how partnerships and S
  • Explain the differences of basis between S-Corporations and Partnerships to clients
  • Apply basis correctly on personal tax returns
  • Understand Partnership Capital Accounts and their affects

Who Should Attend:

  • CPA, EA, attorney, and staff
  • Tax department
  • CFOs and controllers
  • Accounts payable and Accounting Managers
    Public accountants
  • Sole Proprietors

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Jason Dinesen

Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on tax and accounting services for small businesses and individuals. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management fr...

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