Instructor
David Peters
-optimized.jpg)
Instructor
David R. Peters, CPA, CFP, CLU, CPCU, MST, MBA
Founder & Owner, Peters Professional Education
David Peters is the Founder and Owner of Peters Professional Education in Richmond, VA, and is registered with the U.S. Securities and Exchange Commission (SEC) as an Investment Advisor Representative (IAR) with Peters Financial LLC. He has over fifteen years of experience in financial services, including 3 years in the hedge fund industry and six years in the insurance industry.
David was the first-ever Chief Financial Officer at Compare.com - a position he held for over three years. He is a national CPE Instructor/Discussion Leader for Surgent, Kaplan, the AICPA and Don Farmer Tax Courses. He regularly teaches courses in accounting, finance, insurance, financial planning, and ethics throughout the United States.
He holds four master’s degrees and contributes regularly to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures. He was also a co-author of the Virginia CPA Ethics course in 2018, 2019 and 2020 – a required course for all CPAs licensed in the Commonwealth of Virginia.
Education
Certifications
Activities & Associations
Calculating partnership basis is one of the most important things that we do as practitioners. However, it is also one of the most confusing. When we use the term basis, we really could be referring to one of three different things! This course will explore the differences between inside basis, outside basis, and 704(b) basis. Through several examples and practice problems, we will show you how to easily distinguish between these terms. We will also explore the tax implications of initial contributions of property to a partnership.
• Calculate Inside Basis, Outside Basis, and 704(b) Basis
• Recognize the concept of Substantial Economic Effect
• List the three requirements that need to be present for an allocation to be deemed to have Economic Effect
• Calculate the reallocation of items of gains and loss under IRC 704(b) when a qualified income offset is present
• Recognize the tax effects of transferring cash, property, and services to a partnership
• Recall the tax effects of contributing assets to a partnership that are encumbered by debt
• Three Different Types of Basis
• Contributions of Property – In General
• IRC 704(b) Capital Accounts & Special Allocations
• Contributions of Property & Debt
• Contributions of Services
• IRS Notice 2020-43
• Review Questions
• Key Takeaways
Working knowledge of fundamental
partnership tax concepts
Tax practitioners who are looking to improve their knowledge of distributions and how they affect a partner’s tax basis
