Get practical applications for basis and distribution concepts when dealing with flow-through business entities. Review what affects basis and how to treat distributions. Highlights
Coverage of recent tax acts and new legislation
Section 179 limitations affecting basis and how the tax-benefit rule is applied
Basis implications of personal assets converted to business use
Calculating basis of inherited qualified and joint tenancy property
S corporations: Recent IRS regulations regarding open debt; calculating basis; worksheets; effect of stock basis, debt basis, and the IRS’s recent focus on at-risk basis for shareholders; how AAA applies or doesn’t apply; complex basis ordering rules and special elections; loss limitation rules; taxable dividend; distributions of cash and property; and post-termination transition rules
LLCs and partnerships: Rules of Section 704; calculating basis under Section 704 and for at-risk under Section 465; how recourse, nonrecourse, and qualified nonrecourse debt can create significantly different tax results; difference between basis and at-risk basis; Section 754 step-up in basis rules; the economic effect equivalence test or dumb but lucky rule; and complex rules of distribution of cash versus property and planning strategies
Registration
PICPA Member: $275 Nonmember: $375
More Information
Course No. 664601Level: Intermediate
Prerequisites:
Experience in business taxation
Speaker(s)
Michael Reilly
Michael E. Reilly, CPA, ChFC, CLU, CASL Sole
Practitioner
Michael E. Reilly, CPA,
is a sole practitioner with offices in West Chester, PA. His
practice focuses on tax and financial planning and consulting for
individuals and small businesses.
In addition to maintaining his practice, Mr. Reilly has been an adjunct
professor at several colleges and was a visiting professor of Economics and
Business at Lafayette College.
Mr. Reilly earned his bachelor’s degree in business administration with an
accounting concentration from Temple University and his master of taxation
degree from Villanova University School of Law. He also holds the Chartered
Financial Consultant (ChFC) and Chartered Life Underwriter (CLU)
designations from the American College.