August 19, 2026

Live Webcast

2 CPE Credits

Don Farmer's Partnership Basis Deep Dive: Inside vs. Outside Basis

August 19, 2026
Live Webcast
2 CPE Credits

Don Farmer's Partnership Basis Deep Dive: Inside vs. Outside Basis

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    Instructor

    Nick
    Preusch

    View Bio

    Nick Preusch, CPA, JD, LLM, MSA

    Bio

    Nick joined YHB in 2020 with over 15 years of experience in the industry. Nick is a graduate of Carthage College with a BS in Accounting and Business, the University of Connecticut with an MA in Accounting, Case Western Reserve University with a JD, and Georgetown University with an LLM in taxation. Nick has also worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility.

    EXPERTISE

    Nick’s expertise includes helping high wealth individual and large business entities with complex tax compliance, along with specializing in international, non-for-profit tax issues, and tax ethics issues. He has used his tax expertise not only to serve his clients, but also his peers. He has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure and co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomas Reuters. He has also lectured nationally on topics such as ethics, complex tax transactions, and IRS practice and procedure.

This course provides an in-depth examination of partnership basis concepts, focusing on the distinction and interaction between inside and outside basis. Participants will analyze contributions, allocations, distributions, liabilities, and basis adjustments that commonly lead to reporting errors. Emphasis is placed on reconciling partner capital accounts, K-1 reporting, and tax basis schedules.

Learning Objectives

1. Differentiate inside basis from outside basis and explain their tax significance 2. Calculate partner basis adjustments for contributions, distributions, and liabilities 3. Identify common basis errors in partnership reporting 4. Analyze how basis impacts loss deductibility and gain recognition 5. Reconcile capital accounts to tax basis for compliance and planning purposes

Major Topics

• Partnership basis concepts discussing the technical distinction between inside basis and outside basis and their role in partnership taxation
• Calculation of initial and adjusted outside basis for partner contributions of cash, property, and liabilities
• Impact of partnership allocations, distributions, and IRC §752 liability allocations on partner basis
• Basis adjustments and reporting risks
• Application of basis rules to loss deductibility and gain recognition on distributions
• Reconciliation of partner capital accounts to tax basis schedules for compliance and planning purposes

CPE Credits Available

2 CPE Credits
2
Taxes

Things to Know About This Course

Course Level

  • Intermediate

Professional Area of Focus

  • Tax; Taxation

Prerequisites

None

Advanced Preparation

None

Provider

Don Farmer Tax Education

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