Surgent's Mastering Basis Issues for S Corporations, Partnerships, and LLCs

Objectives:

• Determine initial basis and organizing tax-free under §351 and §721
• Discuss what affects basis and how to treat distributions
• Pass the loss limitation hurdles to deduct pass-through losses

Major Topics:

• Applicable coverage of any basis considerations within any recent tax legislation enacted before the presentation 
• Discuss new pass-through basis calculations required as attachments to certain individual returns 
• Excess business losses and NOLs 
• Tax Basis Capital Account Reporting Requirements 
• How §179 limitations affect basis and how the “tax-benefit” rule is applied 
• S corporations: Beware of final IRS regulations regarding “open debt” of S corporations; understand the effect of stock basis and debt basis and IRS’s recent focus on “at-risk basis” for shareholders; recognize how AAA applies or does not apply to certain S corporations; learn to apply the complex ordering rules and special elections that can have a big tax result; become aware of when you can have a taxable dividend in an S corporation; understand distributions of cash and property and post-termination transition rules, and temporary post-termination rules for eligible corporations 
• LLCs and partnerships: Learn the detailed rules of §704 for preventing the shifting of tax consequences among partners or members; determine how to calculate basis under both §704 and for “at-risk” under §465; recognize how recourse, nonrecourse, and qualified nonrecourse debt can create significantly different tax results; review §754 step-up in basis rules; and learn how legislation cleans up the basis treatment of charitable contributions and foreign taxes paid 

Designed For:

Accounting and Financial Professionals who prepare both individual and flow-through business entity tax returns and need a thorough grasp of these significant issues

Prerequisite:

Experience in business taxation

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.