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Handbook for Mastering Basis, Distributions, and Loss Limitation Issues for S Corporations, LLCs, and Partnerships Webinar

CPE

When
Dec. 11
9:00 a.m. - 5:00 p.m.

CPE Credits
8-Tax

Details

 Pricing

PICPA Member: $239 | Nonmember: $339


 More Information

Course No.
HMBI-2018-01-WEBNR-345-01
Level
Intermediate
Prerequisites
Experience in business taxation
Note

This webinar is hosted by PICPA's partner, Surgent CPE. After registering, you will receive an email from Surgent CPE with the log-in information.

Description

  • Determine initial basis and organizing tax-free under §351 and §721
  • Understand what affects basis and how to treat distributions
  • Pass the four loss limitation hurdles to deduct pass-through losses

Highlights

  • Applicable coverage of tax reform
  • Discuss a proposal for a yet to be developed new tax form, which calculates basis, designed to be attached to individual returns
  • Executor’s new IRS form for disclosing basis in certain distributed property; what about the basis of a property distribution from a trust?
  • How §179 limitations affect basis and how tax-benefit rule is applied
  • Basis implications of personal assets converted to business use
  • How to calculate basis of inherited qualified and joint tenancy property
  • S corporations: Beware of final IRS regulations regarding “open debt”; determine how to calculate basis; worksheets are included; understand the effect of stock basis and debt basis and IRS’s recent focus on "at-risk basis" for shareholders; recognize how AAA applies or doesn’t apply to S corporations; learn to apply the complex basis ordering rules and special elections that can have a big tax result; discuss loss limitation rules in depth; when you can have a taxable dividend in an S corporation; understand distributions of cash and property; understand the post-termination transition rules, which will be important if (when) tax changes bring the return of C corps
  • LLCs and partnerships: Learn the detailed rules of §704 for preventing the shifting of tax consequences among partners or members; learn to calculate basis under §704 & for “at-risk” under §465; recognize how recourse, nonrecourse, and qualified nonrecourse debt can create significantly different tax results; learn the difference between basis and “at-risk basis”; review §754 step-up in basis rules; the economic effect equivalence test or “dumb-but-lucky” rule; learn to apply the complex rules of distribution of cash vs. property


Speaker(s)

Dennis P. Benvie, MS, CPA
Managing Member
Surgent McCoy CPE, LLC.

In addition to instructing continuing professional education seminars for 20 years, he also writes, edits, and/or updates many Surgent McCoy publications. He consistently receives high evaluations for knowledge and presentation skills, and has been recognized as The Outstanding Discussion Leader of the Year, awarded by the state of Indiana. Prior to becoming a member partner of Surgent McCoy CPE, LLC, Dennis spent 15 years as a partner with a local Cincinnati CPA firm. 

Dennis has 30 years of public accounting experience specializing in tax, accounting, and management advisory for closely held businesses and individuals. His background also includes association with a tax attorney's office and instructing accounting classes as adjunct accounting faculty of local state universities. Mr. Benvie is a graduate of Miami ( Ohio) University, degree in Accountancy, and has also earned a Masters of Science in Taxation degree from the University of Cincinnati.


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