2024 Partnerships and S Corporations: How to Calculate Basis

Wednesday, December 11, 2024
Webcast or Webinar, Online
12:00PM - 4:00 PM (opens at 11:30AM) EST
4Credits
Technical Business

Registration is Open

Members
$129.00 Regular Price
Non-Members
$159.00 Regular Price

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$80.00 Members / $112.00 Non-Members
Course Type: Webcast
Course Code: 24/AC154008
Level: Intermediate
Vendor: ACPEN
Field of Study: Taxes

Overview:

The IRS has recently increased the pressure on how to calculate and report partner and shareholder basis.  Changes in the forms reflect these developments.  This program provides a detailed analysis of the calculations related to determining tax basis for a partnership interest and S corporation shareholder shares and loans. How to use the Form 1065, Schedule K-1  and Form 1120S, Schedule K-1 information for basis determination.  Illustrated examples with filled in forms will demonstrate how the processes works and their many potential pitfalls. 

**Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to [email protected].

Objectives:

  • Identify the tax issues related to LLC members/partners basis from formation through operations and concluding with sale and/or liquidation
  • Identify 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
  • Understand potential pitfalls and planning strategies

Major Topics:

  • Calculation of basis when the entity is formed, including the impact of contributed property
  • How to calculate partnership tax basis capital accounts
  • Explains the use of both "inside" and "outside” basis determination
  • Clarifies the how partnerships and S corporations debt impacts tax basis
  • Discusses how distributions affect basis
  • Explains how basis is impacted by sale and/or liquidation of the partnership or S-corporation interest
  • Discusses how S corporation losses impact Form 1040 Schedule E reporting

Major Topics:

  • Calculation of basis when the entity is formed, including the impact of contributed property
  • How to calculate partnership tax basis capital accounts
  • Explains the use of both "inside" and "outside” basis determination
  • Clarifies the how partnerships and S corporations debt impacts tax basis
  • Discusses how distributions affect basis
  • Explains how basis is impacted by sale and/or liquidation of the partnership or S-corporation interest
  • Discusses how S corporation losses impact Form 1040 Schedule E reporting

Designed For:

CPAs working in public accounting firms and/or working for partnerships or S corporation

Prerequisites:

Basic working knowledge of partnership and S corporation taxation