Partnership and S Corporations: How to Report Partner and Shareholder Basis
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Virtual
4.00 Credits
Member Price $219.00
Non-Member Price $309.00
Overview
You could pay $0 for this course!
This course qualifies for reimbursement through the State Workforce Training Express Fund. Firms/companies with fewer than 100 staff will receive 100% of the cost of training reimbursed. You must register for this course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks before the start date of the course to be eligible. The course code for this program is C-9276. To learn more click here or contact Julia Ekelund at jekelund@mscpaonline.org.
A detailed analysis of the calculations related to determining a partner’s tax basis for a partnership interest and shareholder interest in an S corporation. How to use the Forms 1065 and 1120S, Schedule K-1 information for basis determination will be demonstrated using illustrated examples with filled in forms to show how the process works along with its many potential pitfalls.
Highlights
- Clarify the importance of partnership capital accounts and partnerships debt on partner's tax basis.
- Impact of contributed property.
- Explain the use of both "inside" and "outside" basis determination.
- Explain the importance of shareholder loans to the entity.
- Discuss how basis is impacted by distributions of corporation property and the sale/or liquidation of the S corporation interest.
- Comprehensive examples illustrate the mechanics of the basis determination process.
- Discusses how S corporation losses impact Form 1040 Schedule E reporting
- How to get from the Schedule K-1 information to the basis calculations.
Prerequisites
Basic working knowledge of pertnership and S corporation taxation
Designed For
CPAs working in public accounting firms and/or working for partnerships and/or an S corporation.
Objectives
After attending this course, you will be able to:
- Identify the tax issues related to reporting partner and shareholder owner's basis for shares and loans
- Identify potential pitfalls and provide planning topics.
Preparation
None
Leader(s):
Leader Bios
Steven Dilley, CPA Crossings LLC
Steven C. Dilley, CPA, JD, PhD, is president of Federal Tax Workshops, Inc., located in East Lansing, Michigan. He is nationally known for his knowledge of the financial, accounting and tax problems of the closely held business and individual taxpayers. He has published numerous articles on these topics. In addition, Steve is a professor of accounting at Michigan State University, where he teaches tax accounting and has recently received two teaching awards. He is a member of the Michigan Association of CPAs, Wisconsin Bar Association, the American Accounting Association, AICPA, American Tax Association and Hawaii Association of Public Accountants.
Non-Member Price $309.00
Member Price $219.00