2024 Partnerships and S Corporations: How to Calculate Basis
Tuesday, April 01, 2025
Webcast or Webinar, Online
7:00 PM - 11:00PM (opens at 6:30 PM) EST
4Credits
Technical Business
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$129.00 Regular Price
Non-Members
$159.00 Regular Price
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Course Type: Webcast
Course Code: 25/AC154024
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