Webinar: Partnership Basics: Understanding Tax Basis
January 28, 2021 @ 12:00 pm – 2:00 pm
This program offers 2 participatory MCLE credit; 2 legal specialization in Taxation Law.
Partnerships are an important part of United States tax administration and a major tax planning vehicle. This webinar introduces tax issues and concepts for partnerships and is designed for both young and experienced tax professionals who need to remain sharp on partnership mechanics.
Covering both a partner’s tax basis in the partnership (or LLC) interest and the partnership’s tax basis in contributed property, the two basic sentences under the Internal Revenue Code are quickly altered by a complex other statutory provisions that control the determination of basis.
Included coverage will be special assets (e.g., installment notes), the impact of the contribution (and assumption) of recourse and non-recourse indebtedness, and other events impacting tax basis, during the partnership’s lifecycle.
This program will include practical examples to demonstrate how these rules work. Time allowing, we will also go into holding periods of partnership interests, characterization of assets as ordinary or capital assets, the effect of Quality Opportunity Zone investment on basis and partnership mergers.
Code Provisions covered may include Section 722, 723, 754, 755 and other code sections.
Speakers: Cameron Hess and Stephanie Pfaff
Cameron L. Hess, Esq., C.P.A., is a senior principal with Wagner Kirkman Blaine Klomparens & Youmans LLP and practices in the transaction department in the areas of taxation and business law. A Certified Public Accountant, formerly practicing with the international accounting firm of KPMG, Mr. Hess’ practice includes entity formation (limited liability companies, family limited partnerships, nonprofit organizations and other) and state and local tax controversies (sales tax, franchise tax and property tax). Mr. Hess has over 25 years’ experience in representing a diversity of industries and closely held businesses in real estate, construction, manufacturing and services.
Stephanie L. Pfaff concentrates her practice in the areas of transactional tax planning, real estate, and real estate tax matters, including all aspects of California documentary transfer tax and property tax, qualified opportunity zones, transactional tax and real estate matters for closely-held businesses, and formation of tax exempt organizations.