2024 S Corporations: How to Calculate Shareholder Basis

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  • Location
    • Your Computer
      Your Space
      ISCPA / ACPEN Webinar, ID 00000
  • Credits
    • 2.00
  • Credit Type(s)
    • Taxes (Technical) (2.00)
  • Prerequisites
    • Basic working knowledge of business and S corporation taxation

  • Vendor
    • ACPEN
  • Level
    • Intermediate
  • Fields of Study
    • Taxes
  • Message
    • Virtual Experience

Description

A detailed analysis of the calculations related to determining a shareholder's tax basis for S corporation shares and loans. How to use the Form 1120S, Schedule K-1 information for basis determination. An illustrative example demonstrates how the process works, as well as the many potential pitfalls.

**Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com.

 



  • Presented by Steven Dilley, CPA, JD, PhD

    • Delivery Format: Live Webcast Replay

    Designed For

    CPAs working in public accounting firms and/or working for S corporations

    Objectives

    • Identify the tax issues related to S corporation owner's basis for shares and loans from formation through operations and concluding with sale and/or liquidation

    Highlights

    • Discuss the calculation of basis when the entity is formed including the impact of contributed property
    • Explain the importance of shareholder loans to the entity
    • Uses a comprehensive example to illustrate the mechanics of the basis determination process
    • Discuss how basis is impacted by distributions of corporation property
    • Explain how basis is impacted by sale/or liquidation of the S corporation interest
    • Discuss how S corporation losses impact Form 1040 Schedule E reporting
    • Show how to get from the Schedule K-1 information to the basis calculations

    Advanced Prep

    None

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    Leaders

    ACPEN Panel

    No Biography Available

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