Webinar

Partnership Preparation, Basis Calculations and Distributions: Form 1065 Schedule K and K-1 Analysis

---

This comprehensive training is designed to get the accountant up to speed quickly with partnership and limited liability company (LLC) formation and preparation issues as well as a complete understanding of calculating a partner and LLC member's basis. The cornerstone of this course is the in-depth line-by-line analysis of the Form 1065 Schedule K and K-1 and how these items affect the partner/member's individual income tax return.

Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com

Major subjects

• Extensive review of the partnership tax laws with an emphasis on any new legislative changes
• Review the Form 1065 to learn how income statement items get reported on the partnership/LLC tax return (i.e., page 1 versus Schedule K) and flow-thru to the par

Learning objectives

• Form a partnership and calculate the partnership's initial inside basis in the assets and partner's outside basis in the entity
• Prepare a basic partnership (Form 1065) Schedule K including the reporting of cash and non-cash distributions
• Understand how the schedule K items get allocated to the partners/members on their individual Schedule K-1
• List the three main reasons for calculating a partner/member's basis in a partnership/LLC
• Calculate a partner/member's outside basis and determine if losses and deductions are limited on their individual income tax return

Who should take this program?

• Tax professionals that need an in-depth training course on tax preparation issues, basis calculations and distributions rules for partnerships, LLCs and their owners.

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $300.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.

---

Related programs

Dec. 8, 2025 | Surgent's Understanding Partnership Taxation: Debt Allocations | Webinar

Dec. 9, 2025 | Surgent's Forms 7217 and 7203 | Webinar

Dec. 10, 2025 | Mastering Partnership Basis: Inside and Outside Basis | Webinar

Dec. 10, 2025 | Surgent's Taxation of Partnership Distributions and Sales of Partnership Interests | Webinar

Dec. 12, 2025 | Surgent's Understanding Partnership Taxation: Types of Basis, Contributions and Distributions | Webinar

---

Related products

Surgent's Max the Tax: Section 754 | Self-Study (Downloadable PDF)

Surgent's Schedules K-2 and K-3: Preparation of Forms | Self-Study (On-Demand)

Surgent's Taxation of Partnership Distributions and Sales of Partnership Interests | Self-Study (On-Demand)

Surgent's Top Ten Questions from Partnership Clients Regarding the Section 754 Election | Self-Study (On-Demand)

Surgent's Understanding Partnership Taxation: Debt Allocations | Self-Study (On-Demand)

---