Webcast: Partnership: S Corporation Basis and Distribution Issues (XCBCDPT19)
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Get up to speed quickly with this comprehensive case-driven training course which focuses on basis calculations and distribution planning for the owners of pass-thru entities (i.e., S corps, partnerships and LLCs). Take a line-by-line analysis of the Schedule K-1 and how it affects the basis calculations. Hands-on methodology, real-world examples and cases are used to demonstrate the complex income tax code and regulations to enhance the learning experience. Each attendee will receive a...

1/16/2019
When: 01/16/2019
8:30 AM until 4:00 PM
Where: Webcast
CALCPA
4183575L
Louisiana
United States
Presenter: Ronald G. Worsham, Jr., CPA, Ph.D.


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Acronym XCBCDPT19
CPE 8 hours
Vendor CalCPA
Category
Tax
Level Intermediate
Yellow Book? No
Registration Fees
Members* $245
CPA Non-Members $375

*The member rate applies to LCPA members, other state CPA society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Texas CPAs: Our Texas State Board of Public Accountancy Sponsor number is #010423.

Course Description

Get up to speed quickly with this comprehensive case-driven training course which focuses on basis calculations and distribution planning for the owners of pass-thru entities (i.e., S corps, partnerships and LLCs). Take a line-by-line analysis of the Schedule K-1 and how it affects the basis calculations. Hands-on methodology, real-world examples and cases are used to demonstrate the complex income tax code and regulations to enhance the learning experience. Each attendee will receive a comprehensive reference manual with numerous practice aids, real-world examples and case studies.

Objectives

  • Identify the three main reasons for calculating a shareholder’s basis in a S corp and partner/member’s basis in a partnership/LLC.
  • Calculate the stock and debt basis for S corp 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 1040.

Major Topics

  • Emphasize any new legislation affecting owners of pass-through entities.
  • 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 corp shareholder under the final regulations.
  • Tax ramifications of repaying loans to S corp shareholders and on open account debt.
  • How recourse and non-recourse debt affect a partner or member’s basis calculations and amount at-risk.

Designed For: Tax professionals.

Prerequisite: Basic understanding of individual income taxation.

Advance Prep: None.

Note: Login instructions will be provided by the webcast vendor (CalCPA).