2024 Partnerships and S Corporations: How to Calculate Basis

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  • Location
    • Your Computer
      Your Space
      ISCPA / ACPEN Webinar, ID 00000
  • Credits
    • 1.80
  • Credit Type(s)
    • Accounting (1.00)
    • Auditing (0.80)
  • Prerequisites
    • Basic working knowledge of partnership and S corporation taxation

  • Vendor
    • ACPEN
  • Level
    • Basic
  • Fields of Study
    • Accounting
    • Auditing
  • Message
    • Virtual Experience

Description

The IRS has recently increased the pressure on how to calculate and report partner and shareholder basis.  Changes in the forms reflect these developments.  This program provides a detailed analysis of the calculations related to determining tax basis for a partnership interest and S corporation shareholder shares and loans. How to use the Form 1065, Schedule K-1  and Form 1120S, Schedule K-1 information for basis determination.  Illustrated examples with filled in forms will demonstrate how the processes works and their 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 Lynn Fountain

    • Delivery Format: Live Webcast Replay

    Designed For

    CPAs working in public accounting firms and/or working for partnerships or S corporation

    Objectives

    • Identify the tax issues related to LLC members/partners basis from formation through operations and concluding with sale and/or liquidation
    • 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
    • Understand potential pitfalls and planning strategies

    Highlights

    • Calculation of basis when the entity is formed, including the impact of contributed property
    • How to calculate partnership tax basis capital accounts
    • Explains the use of both "inside" and "outside” basis determination
    • Clarifies the how partnerships and S corporations debt impacts tax basis
    • Discusses how distributions affect basis
    • Explains how basis is impacted by sale and/or liquidation of the partnership or S-corporation interest
    • Discusses how S corporation losses impact Form 1040 Schedule E reporting

    Advanced Prep

    None

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    Leaders

    ACPEN Panel

    No Biography Available

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