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Basis Calculations & Distributions for Pass-Thru Entity Owners Schedule K-1 Analysis Virtual Seminar

 Mon, 01/24/2022 from 8:00 am to 3:30 pm
 Online
 
8.0
22 / 3-640W
Hot Event
Registration Status: CLOSED -- Please contact the VSCPA at [email protected] or (800) 733-8272 for availability.
Member Price
$414.00 Regular Registration
Your Price
$539.00 Regular Registration
Designed For:

Tax professionals who need an in-depth training course on basis calculations and distributions rules for S-Corporations, partnerships, LLCs and their owners

Prerequisite:

Basic understanding of individual income taxation

This comprehensive, case-driven training is designed to get yout up-to-speed quickly in the area of basis calculations and distribution planning for the owners of pass-thru entities (i.e., S corporations, partnerships and limited liability companies (LLCs)). The cornerstone of this course is the line-by-line analysis of the Schedule K-1sand how it affects the basis calculations.

Did you know… 

  • S corporation shareholders are required to attach a New Form 7203 — S Corporation Shareholder Stock & Debt Basis Limitations form to their Form 1040 when they get allocated losses, distributions or loan repayments?

What else don’t you know? This course includes:

  • Detailed coverage of any new legislation affecting basis computations and distributions and changes to the schedule K-1s
  • A line-by-line analysis of the Schedule K-1s to determine how the items affect a S shareholder’s stock and debt basis and a partner/member’s outside basis and where the items get reported on Federal individual income tax return
  • The three loss and deduction limitations on the owner’s individual income tax return (i.e. basis, at-risk and other Form 1040 limitations)
  • How cash or non-cash distributions affect the basis calculations and whether or not they are taxable to the owners
  • A comparison of the tax treatment of the sale of a shareholder’s stock in a S corporation and a partner’s interest in a partnership
  • What constitutes debt basis for a S corporation shareholder under the final regulations
  • The tax ramifications of repaying loans to S corporation shareholders and on open account debt
  • How recourse and non-recourse debt effect a partner or member’s basis calculations and amount at-risk

 

 


 

This event will be held via Zoom Meeting.  Please download Zoom Desktop Client.

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Delivery Method: Group internet-based
CPE Credit: Taxes
Program Level: Intermediate

The Virginia Society of CPAs (VSCPA) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: NASBARegistry.org.

For more information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call (800) 733-8272.