Surgent's Handbook for Mastering Basis, Distributions, and Loss Limitation Issues for S Corporations, LLCs, and Partnerships

Overview

You could pay $0 for this course!
This qualifies for reimbursement through the State Workforce Training Express Fund. Firms/companies with fewer than 100 staff will receive 100% reimbusement, and firms/companies with over 100 staff will receive 50% reimbursement. You must register for this course and apply for reimbursement through the Workforce Training Express Fund website three weeks in advance to be eligible. The course code for this program is 1144559. To learn more click here or contact Julia Ekelund at jekelund@mscpaonline.org.

Highlights

Timely coverage of breaking tax legislation Applicable coverage of any basis considerations within any recent tax legislation Passthrough basis calculations required as attachments to certain individual returns Executor’s 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 Tax basis capital account reporting requirements 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, and temporary post-termination rules for eligible corporations, which will be important for S corps returning to 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, and the basis treatment of charitable contributions and foreign taxes paid

Prerequisites

Experience in business taxation

Designed For

Accounting and Financial Professionals who prepare both individual and flow-through business entity tax returns and need a thorough grasp of these significant issues. This course is a must for practitioners to help reduce and avoid this exposure to malpra

Objectives

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

Preparation

None