August 20, 2019


In-Person

Hotel Capstone ATTN: AR


4 Total CPE Credits

product-artwork-659906

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

  • Instructor

    Michael Frost

Learning Objectives

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

Major Topics

  • Applicable coverage of any basis considerations within the Tax Cuts and Jobs Act, and other recent tax legislation enacted before the presentation
  • Discuss a proposal for a yet to be developed new tax form, which calculates basis, designed to be attached to individual returns
  • 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 new TCJA 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 TCJA cleans up the basis treatment of charitable contributions and foreign taxes paid

CPE Credits Available

4
Total CPE
4
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

Provider

Surgent McCoy CPE

This event has ended.