Surgent's Guide to Understanding the At-Risk Basis Rules and Forms 6198 and 7203

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Location: Online

2Credits

Technical Business

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Product Code: SU24-UARB-SSWC

Level: Intermediate

Vendor: Surgent

Field of Study: Taxes

Overview:

Many tax clients with losses from their S corporations, partnerships, and multiple-member LLCs treated as partnerships will want to use these losses to offset their other income from other sources. This program explains when, why, and how the at-risk rules apply to allow or to prevent the owner of a pass-through entity from taking a loss from a pass-through entity and using it to offset other income. This program is extremely helpful for anyone with pass-through entity clients.

Objectives:

Understand how a client determines his or her at-risk basis in his or her pass through entity
Understand how the at-risk basis calculation differs from a regular basis calculation
Calculate the amount of an investor's annual at-risk basis
Understand the structure of IRS Form 6198 and how it relates to calculating a taxpayer's at-risk basis

Major Topics:

Basis and at-risk basis
How to calculate the amount of annual at-risk basis
Forms 6198 and 7203
When activities may be aggregated for at-risk purposes
Qualified nonrecourse financing

Designed For:

Any tax practitioner wishing to understand the at-risk rules and how they apply to losses allocated to the owners of pass-through entities

Prerequisite:

A basic understanding of the tax rules relating to partner basis and S corporation shareholder basis

Additional Info:

You will receive an email from [email protected] with instructions on how to log onto your course shortly. If you do not receive the email within the hour, please check your spam filter.

For technical support, registration questions or other customer service-related inquiries, please call (800) 778-7436 or email [email protected]. Phones are staffed from 8:30 a.m. to 5:00 p.m. Eastern Time, Monday through Thursday, and 8:30 a.m. to 4:00 p.m. Eastern Time on Friday.