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Partnership: S Corporation Basis and Distribution Issues (LOSBS)

  • 12/12/2018
  • 8:30 AM - 4:00 PM
  • WEBINAR 4183578I

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Get up to speed quickly with this comprehensive case-driven training course which focuses on basis calculations and distribution planning for the owners of pass-thru entities (i.e., S corps, partnerships and LLCs). Take a line-by-line analysis of the Schedule K-1 and how it affects the basis calculations. Hands-on methodology, real-world examples and cases are used to demonstrate the complex income tax code and regulations to enhance the learning experience. Each attendee will receive a comprehensive reference manual with numerous practice aids, real-world examples and case studies.

Objectives:

Identify the three main reasons for calculating a shareholder's basis in a S corp and partner/member's basis in a partnership/LLC.

Calculate the stock and debt basis for S corp shareholders.

Calculate the basis for partners and members of a LLC.

Calculate losses allowed from at-risk activities.

Review the Form 1120S and Form 1065 Schedule K-1s to determine how the line items affect basis calculations and get reported on the individual owner's Form 1040.


Topics Discussed:

Emphasize any new legislation affecting owners of pass-through entities.

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 owners.

Compare the tax treatment of the sale of a shareholder's stock in a S corporation and a partner's interest in a partnership.

What constitutes debt basis for a S corp shareholder under the final regulations.

Tax ramifications of repaying loans to S corp shareholders and on open account debt.

How recourse and non-recourse debt affect a partner or member's basis calculations and amount at-risk.


Designed For: Tax professionals.

Level: Intermediate

Instructor: Ed Zollars

Developer:
CPE Credits: 8

Area of Study: Taxes

Prerequisite: Basic understanding of individual income taxation.

Individual Tax Planning and Return Preparation



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3325 South Washington Street
Suite B2
Grand Forks, ND 58201

Contact Us: 

 (701) 775-7111
or (877) 637-2727
Email: info@ndcpas.org

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