This comprehensive training is designed to get the accountant up to speed quickly in the area of basis calculations and distribution planning for the owners of a partnership (i.e., partners and LLC members). 

Learning Objectives:
Once participants have completed this session they should be able to:
•    List the 3 main reasons for calculating a partner/member’s basis in a partnership/LLC 
•    Calculate the basis for partners and members of a LLC  
•    Calculate losses allowed from at-risk activities
•    Review the Form 1065 Schedule K-1 to determine how the line items affect basis calculations and get reported on the individual owner’s Form 1040

Course Highlights:
This session is taught using a Hands-On methodology. Real world examples and cases are used to demonstrate the complex income tax code and regulations to enhance the participants learning experience. Topics include but are not limited to:

  • Line-by-line analysis of the Schedule K-1s to determine how the items affect a partner/member’s outside basis and where the items get reported on Federal individual income tax return
  • The three loss and deduction limitations on the owner’s individual income tax return (i.e. basis, at-risk and other Form 1040 limitations)
  • How cash or non-cash distributions affect the basis calculations and whether or not they are taxable to the ownersHow recourse and non-recourse debt effect a partner or member’s basis calculations and amount at-risk


Basis Calculations for Partners & LLC Members

Who Should Attend?
Tax professionals that need an in-depth training course on basis calculations and distributions rules for partnerships and their owners.

Area of Study:


4 hours

Basic understanding of individual income taxation

Advance Preparation:

Group Internet Based

Date Available:
June 1

Course code:


© Phoenix Beach, LLC 

Training for Business Professionals