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.
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
* 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
Basic understanding of individual income taxation
Additional Event Information
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|W0011019: Basis Calculations & Distributions for Pass-Thru Entity Owners – Schedule K-1 Analysis||Early Bird||Regular|
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