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Partnership: S Corporation Basis and Distribution Issues Webinar

CPE

When
Dec. 12
9:30 a.m. - 5:00 p.m.

CPE Credits
8-Tax

Details

 Pricing

PICPA Member: $245 | Nonmember: $345


 More Information

Course No.
4183800C
Level
Intermediate
Prerequisites
Basic understanding of individual income taxation.
Note

This webinar is hosted by PICPA's partner, The California Society of CPAs. After registering, you will receive an email from the California Society with the log-in information.

Description

  • 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.

Highlights

  • 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.


Speaker(s)


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