Basis Calculations & Distributions for Pass-Thru Entity Owners Schedule K-1 Analysis

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  • Location
    • Your Computer
      Your Space
      ISCPA / ACPEN Webinar, ID 00000
  • Credits
    • 2.00
  • Credit Type(s)
    • Accounting (2.00)
  • Prerequisites
    • Basic understanding of individual income taxation

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

Description

This comprehensive case-driven training is designed to get the accountant up to speed quickly in the area of basis calculations and distribution planning for the owners of pass-thru entities (i.e., S corporations, partnerships, and limited liability companies (LLCs)). The cornerstone of this course is the line-by-line analysis of the Schedule K-1s and how it affects the basis calculations. 

**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 John Daly

    • Delivery Format: Live Webcast Replay

    Designed For

    Tax professionals that need an in-depth training course on basis calculations and distributions rules for S-Corporations, partnerships, LLCs and their owners

    Objectives

    • List the 3 main reasons for calculating a shareholder’s basis in a S corporation and partner/member’s basis in a partnership/LLC
    • Calculate the stock and debt basis for S corporation 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 104

    Highlights

    • Detailed coverage of any new legislation affecting basis computations and distributions and changes to the schedule K-1s (including the NEW Form 7203 – S Corporation Shareholder Stock and Debt Basis Limitations)
    • Line-by-line analysis of the Schedule K-1s to determine how the items affect a S shareholder’s stock and debt basis and a partner/member’s outside basis and where the items get reported on Federal individual income tax return
    • 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 corporation shareholder under the final regulations
    • The tax ramifications of repaying loans to S corporation shareholders and on open account debt
    • How recourse and non-recourse debt effect a partner or member’s basis calculations and amount at-risk

    Advanced Prep

    None

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    Leaders

    ACPEN Panel

    No Biography Available

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