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Four Tiers of Loss Limitations: A Guide to the Rules for Pass-Through Entities

1:00 pm–4:45 pm ET

# of CPE Credits

4

Description

Owners of S-corporations and partnerships are subject to numerous limitations on pass-through losses, each with unique rules, applications, and complexities. With the increase in popularity of pass-through business entities, it is essential for CPAs to understand the complexities and interactions of these pass-through loss limitations.

Objective

* Analyze how basis in an ownership interest in a pass-through entity is established * Discuss how activity of the entity, distributions, and optional adjustments increase or decrease basis * Discuss when basis is "at-risk" under section 465, and the resulting loss disallowance and carryforward related to basis that is not at-risk * Define passive activities under section 469 and exceptions to the passive loss rules * Discuss when and how aggregation of activities should be used to avoid the passive loss rules * Analyze new §461(l) created by the Tax Cuts and Jobs Act of 2017 and understand the limitation calculation and resulting carryforward * Analyze the hierarchy of the loss limitations with examples of the application of the four tiers of losses and how they interact

Highlights

* Tier 1: Basis limitations for S-corporation shareholders and partners * Tier 2: Section 465 at-risk limitations for S-corporation shareholders and partners, including the impact of debt, indemnities, guarantees, and shareholder/partner agreements * Tier 3: Section 469 passive loss limitations and exceptions to the limitations * Tier 4: The new excess business loss limitation of the Tax Cuts and Jobs Act of 2017 (new section 461(l))

Who Should Attend

* Experienced practitioners who desire a refresher on loss limitations and an analysis of the new rules * Inexperienced practitioners who desire to learn the basics of all four pass-through loss limitations and their interactions in one course

Required Knowledge

Basic familiarity with loss allowance rules of pass-through entities

Advanced Prep

None

Event Speaker(s)

Michael Reilly ( Surgent McCoy CPE, LLC, Pasadena, MD ),

Additional Event Information

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

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Share This Event

Event Vendor:Surgent McCoy CPE, LLC
Field of Study:Taxes
Level: Intermediate

Event Type:Webcast
NASBA Instructional Method:Group Internet Based
Event Code:W0024322

Registration Fees

RegistrationEarly BirdRegular
NCACPA MemberN/A$145.00
Non-MemberN/A$195.00
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