A detailed analysis of the calculations related to determining an S shareholder’s tax basis for S corporation shares and loans. How to use the Form 1120S, Schedule K-1 information for basis determination. An illustrative example demonstrates how the process works, as well as the many potential pitfalls.
To provide a thorough review and update of the tax issues related to S corporation owner's basis for shares and loans from formation through operations and concluding with sale and/or liquidation.
* Discusses the calculation of basis when the entity is formed including the impact of contributed property * Explains the importance of shareholder loans to the entity * Uses a comprehensive example to illustrate the mechanics of the basis determination process * Discusses how basis is impacted by distributions of corporation property * Explains how basis is impacted by sale/or liquidation of the S corporation interest * Discusses how S corporation losses impact Form 1040 Schedule E reporting * Shows how to get from the Schedule K-1 information to the basis calculations.
Who Should Attend
CPAs working in public accounting firms and/or working for S corporations.
Basic working knowledge of S corporation taxation and reporting.
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