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

8:30 am–4:15 pm ET

# of CPE Credits

8

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.

Objective

Once participants have completed this session they should be able to * List the three 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 1040

Highlights

* This session is taught using a Hands-On methodology. Real-world examples and cases are used to demonstrate the complex income tax code and regulations to enhance the participant's learning experience * Each attendee will receive the most comprehensive reference manual with numerous practice aids, real-world examples, and case studies * Topics include but are not limited to * Detailed coverage of any new legislation (i.e., Tax Cuts & Jobs Act) affecting basis computations and distributions and changes to the schedule K-1s * Line-by-line analysis of the Schedule K-1s to determine how the items affect an 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 noncash 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 an 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 nonrecourse debt effect a partner or member’s basis calculations and amount at-risk

Who Should Attend

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

Required Knowledge

Basic understanding of individual income taxation

Advanced Prep

None

Event Speaker(s)

J. Patrick Garverick ( Garverick CPE, Goodyear, AZ ),

Additional Event Information

Technical Support
Contact NCACPA if you need assistance with your online program. For the quickest results, email the Online Learning Team at onlinelearning@ncacpa.org, and a team member will contact you shortly.

If you need assistance with internet access issues, browser capability, or when the NCACPA office is closed* please call Freestone Technical Support at 866-702-3278 or by email at support@peachnewmedia.com.

*NCACPA office hours are 9:00 am–5:00 pm ET. Online Learning Team members will be available via phone or email 30 minutes prior to the start of a live online program.

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Also Available As

Webcast
Thursday, October 24, 2019 (8:30 am–4:15 pm ET)
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Webcast
Thursday, November 21, 2019 (8:30 am–4:15 pm ET)
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Webcast
Friday, December 20, 2019 (8:30 am–4:15 pm ET)
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Event Vendor:Phoenix Beach, LLC
Field of Study:Taxes
Level: Intermediate
Other:New Course

Event Type:Webcast
Event Code:W0011019

Registration Fees

W0011019: Basis Calculations & Distributions for Pass-Thru Entity Owners – Schedule K-1 Analysis Early Bird Regular
NCACPA Member N/A $280.00
Non-Member N/A $380.00
CPE Sponsors LogoThe National Registry of CPE Sponsors is a program offered by the National Association of State Boards of Accountancy (NASBA) to recognize CPE program sponsors who provide continuing professional education (CPE) programs in accordance with nationally recognized standards. The North Carolina Association of Certified Public Accountants is registered with NASBA as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org/.

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