August 16, 2017


In-Person

City of Pelham Pelham Civic Complex


8 Total CPE Credits

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Surgent's Handbook for Mastering Basis, Distributions, and Loss Limitation Issues for S Corporations, LLCs, and Partnerships

  • Instructor

    Dennis Riley

Learning Objectives

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

Major Topics

  • Applicable coverage of recent tax acts and any new legislation
  • Executor's new IRS form for disclosing basis in certain distributed property; what about basis of a property distribution from a trust?
  • How 179 limitations affect basis and how tax-benefit rule is applied
  • Basis implications of personal assets converted to business use
  • Calculate basis of inherited qualified and joint tenancy property
  • S Corporations: - Beware of recent final IRS
  • Regulations regarding "Open Debt"; - Determine how to calculate basis; worksheets are included; - 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 doesn't apply to S corporations; - Learn to apply the complex basis ordering rules and special elections that can have a big tax result; - Discuss loss limitation rules in depth; - When you can have a taxable dividend in an S corporation; - Understand distributions of cash and property; - Understand the post-termination transition rules, which will be important if (when) tax changes bring the return of C corps.
  • LLCs and Partnerships: - Learn the detailed rules of 704 for preventing the shifting of tax consequences among partners or members; - Learn to calculate basis under 704 & for "at-risk" under 465; - Recognize how recourse, nonrecourse, and qualified nonrecourse debt can create significantly different tax results; - Learn the difference between basis and "at-risk basis"; - Review 754 step-up in basis rules; - The economic effect equivalence test or "dumb-but-lucky" rule; - Learn to apply the complex rules of distribution of cash vs. property

CPE Credits Available

8
Total CPE
8
Taxes

Things to Know About This Course

Course Level

  • Intermediate

Professional Area of Focus

  • Tax

Prerequisites

Experience in business taxation

Advanced Preparation

None

Intended Audience

CPAs who prepare both individual and flow-through business entity tax returns and need a thorough grasp of these significant issues. This course is a must for practitioners to help reduce and avoid this exposure to malpractice.

Provider

Surgent McCoy CPE

This event has ended.