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Surgent McCoy's Handbook for Mastering Basis, Distributions, & Loss Limitation Issues (HMBI14)
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The most difficult concepts to master when dealing with flow-through business entities are the basis and distribution concepts. Major error and malpractice issues occur if the CPA does not fully understand the impact of these rules. This course is designed to focus on the practical applications of these rules.

11/13/2014
When: 11/13/2014
8:30 AM until 4:30 PM
Where: LCPA Training Center
2400 Veterans Memorial Blvd
Ste 500
Kenner, Louisiana  70062
Presenter: Joseph A. Sanford


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The most difficult concepts to master when dealing with flow-through business entities are the basis and distribution concepts. Major error and malpractice issues occur if the CPA does not fully understand the impact of these rules. This course is designed to focus on the practical applications of these rules.

 

Designed for: CPAs 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 malpractice.

 

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 losses

 

Highlights:

  • Applicable coverage of the tax acts of 2013 and any new legislation
  • S Corporations: Beware of recent 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, which will be of great importance if (when) future tax changes bring the return of the C corporation
  • LLCs and Partnerships: Learn the detailed rules of §704 for preventing the shifting of tax consequences among partners or members; Determine how to calculate basis under both §704 and 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 planning strategies; Find out how "hot assets" can change the game for distributions
  • How does §179 limitations affect basis and how the “tax-benefit” rule is applied.
  • Dual basis implications of personal assets converted to business use.

Requisite Knowledge: Experience in business taxation

 

Speaker: Joseph A. Sanford

Vendor: Surgent McCoy

Field of Study: Taxation

Level: Intermediate

CPE Credits: 8

 

Registration Fees:

 

Members

CPA Non-Members

Early Bird (through 10/29)

$276

$376

Standard (after 10/29)

$326

$426

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Society of Louisiana
Certified Public Accountants

2400 Veterans Memorial Blvd., Suite 500
Kenner, LA 70062-4739

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